AUSTRALIA'S ERG SELLS PROTON WORLD FOR US$65.62 MLN.

AsiaPulse News | March 26, 2003 | Copyright

PERTH, March 26 Asia Pulse - Smartcard company ERG Ltd (ASX:ERG) has sold Proton World to micro-chip manufacturer STMicroelectronics in a deal worth around A$110 million (US$65.62 million).

ERG's sale of the Belgium-based business, less than 18 months after its purchase, was flagged at the company's interim results briefing earlier this month and announced ahead of its convertible noteholder meeting on Friday.

Noteholders will vote on a proposal to convert $250 million of note debt into equity as part of the company's proposed capital restructuring.

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