WILLEMSTAD, Curaçao, Jan. 4, 2017 /PRNewswire/ -- Retail Holdings N.V. (Symbol: RHDGF) (the "Company"), announced today that its Board of Directors has approved a revised and updated Strategy Statement as shown below.
Retail Holdings N.V. (the "Company"), has as its principal asset, a 54.1% equity interest in Sewko Holdings Limited ("Sewko"), the parent company of Singer Asia Limited, with retail and financial services businesses in Bangladesh, India, and Sri Lanka. Sewko's core business is the distribution of consumer durable products, primarily for the home, with supportive manufacturing, and with consumer credit and other financial services. The Company has no operating activities other than those carried out through Sewko.
The strategy of the ultimate public holding company (hereinafter referred to as "ReHo"), is to maximize and, ultimately, to monetize the value of its assets. The Company intends to make regular cash distributions to its shareholders and to opportunistically repurchase its Shares. The objective is to liquidate ReHo, with a two to four-year time horizon, and distribute the resulting funds and any remaining assets to its shareholders.
The Company will seek to enhance the liquidation value of Sewko through profitable growth of its core business alongside initiatives to exploit ancillary opportunities that leverage the Singer brand and Sewko's unique distribution footprint. The catalyst for the ultimate liquidation of ReHo will be the sale of Sewko, either through a listing and subsequent sale of the Sewko shares, a sale of Sewko, or a sale of the shares of the Sewko public company subsidiaries, either in a single transaction or in a series of such transactions.
Pending the disposition of its stake in Sewko and ReHo's ultimate liquidation, the Company intends to minimize holding company personnel and other administrative costs, and to use cash in excess of requirements to pay dividends and distributions to shareholders and/or to opportunistically repurchase Shares. In the period 2007 through 2016, the Company has made dividend and distribution payments to shareholders totaling $15.75 per Share. The Company has also repurchased a total of 2,206,317 Shares (including 542,782 Shares in 2016) through negotiated and open market transactions (4,650,244 Shares remain outstanding).
Additional financial and other information about the Company may be found at the Corporate/Investor section of the Company's website: www.retailholdings.com. Price quotations for the Company's Shares are available on the "Pink Sheets" quotation service under the symbol "RHDGF".
For further information, please contact Amy Pappas at (914) 241-3404.
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SOURCE Retail Holdings N.V.