The group announced on Monday morning that its wholly owned subsidiary, Top Automation, had on Aug 30 exercised its rights in share purchase agreements with Scotts Icon for the purchase of the properties via the acquisition of all the shares in six target companies.It did not provide details on Scotts Icon's shareholding.
However, in order for the properties to be free of encumbrances, the buyer has advanced an additional sum of about S$1.9 million that was paid directly to the seller’s bank to redeem the full bank loan secured by way of mortgage over the properties. The total market value of the properties is S$180 million as at July 31, based on the valuation report by Savills Valuation and Professional Services that was commissioned by the buyer. The properties’ aggregate book value and the aggregate net tangible assets of the target companies was S$122 million and S$121.4 million respectively, as at Dec 31, 2018.
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Source: The Straits Times - 🏆 8. / 63 Read more »
Source: The Straits Times - 🏆 8. / 63 Read more »