SHELL Electric (Holdings) has completed the sale of its 65 per cent shareholding in SMC Microwave Products.
The company said the disposal agreement was completed on May 24 between Shell Electric, Whirlpool Overseas Holdings Corp and Whirlpool Corp.
A total of US$85 million was received by Shell Electric while the balance of $5 million was being held in escrow pending the issue by the European Commission of a final ruling in relation to the imposition of anti-dumping duties on exports of microwave ovens by SMC Microwave and its subsidiaries into the European Union.
The rate of anti-dumping duty which may be imposed on SMC Microwave is likely to be in excess of 20 per cent but less than 45 per cent.
If the rate in the final ruling is below 20 per cent, the $5 million already held will be paid over to Shell Electric.
