Sitio 0 is a private consortium that has been awarded with a concession to build and operate a deep sea port with 2 million tonnes throughput and related facilities in Quequén, Province of Buenos Aires, Argentina.
The consideration for the Acquisition is approximately US$17 million, excluding an additional payment of up to US$3 million, subject to the achievement of certain financial performance targets by Sitio 0 over an agreed period. The consideration was agreed on a willing-buyer, willing-seller basis, taking into account, inter alia, the future business development of Sitio 0, and the synergy with the company's grains pipeline business plan.
The consideration will be wholly satisfied in cash and will be funded from the company's internal resources.
Based on the latest available financial statements of Sitio 0 for the period ended 30 June 2014, the book value attributable to the acquired shares was US$7.3 million, and the net tangible asset value attributable to the acquired shares was US$7.5 million.
Noble Group manages a portfolio of global supply chains covering a range of agricultural and energy products, as well as metals, minerals and ores. Noble facilitates the marketing, processing, financing and transportation of essential raw materials. Sourcing bulk commodities from low cost regions such as South America, South Africa, Australia and Indonesia, the group supplies high growth demand markets, particularly in Asia and the Middle East.