HOVS Ltd. HOV Services LTD.

HOV Services Board of Directors declares interim dividend

HOV Services Ltd Board of Directors of the Company at its meeting held on January 28, 2010, inter alia, had considered and approved the followings:

  1. Declared an interim dividend of Rs. 2/- per equity share of Rs. 10/- each of the Company for the FY 2009-10.

  2. Actions of its wholly owned subsidiary, HOV Services, LLC entering into a Material Transaction in order to focus on end-to-end high growth, and margin services, improve operational efficiency and streamline decision making process by selling certain assets: 100% interest in Bay Area Credit Services, LLC, 100% interest in HOV AR Management Services Pvt. Ltd and its 30% minority interests in TRAC Holdings, LLC (TRAC) and SAM Holdings, LLC (SAM), to Rustic Canyon, LLC, an Associate, (which already has 70% ownership interest in TRAC & SAM) for $12 million USD in cash (approximately Rs. 5,563 lakhs). This Material Transaction is expected to close in the fourth quarter of fiscal year 2009-10 and is not expect to have a material effect on the Standalone results.
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