Sept 12 (Reuters) - Serial System Ltd SERL.SI :
* TO SELL STAKE IN AUSTRALIAN LAUNDRY BUSINESS FOR US$31.2 MILLION
* EXPECTS TO RECOGNISE A GAIN OF US$20.0 MILLION FROM SALE OF ITS ENTIRE 27.34% STAKE IN SPL HOLDINGS
* WILL RECEIVE US$31.2 MILLION IN NET PROCEEDS FROM SALE
* COMPANY WILL USE ABOUT 40% OF PROCEEDS TO REPAY BANK LOANS
* WILL USE PART OF PROCEEDS TO ISSUE A SPECIAL DIVIDEND TO SHAREHOLDERS