The buyer, Tenda Equipment & Services, has agreed to a sale consideration of $9 million. An option fee of $90,000 will be paid upon the vendor’s acceptance, which is a wholly-owned subsidiary of Cosmosteel. The deposit of $360,000 will be paid on the execution and exercise of the option to purchase, and the balance shall be payable on or before the completion date.
Shares in CosmoSteel closed flat at 22 cents on June 16.
