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Jackspeed Corporation Ltd Announces Disposal Of Shares In Wholly Owned Subsidiary


Friday, 1 Nov 2013 06:31am EDT 

Jackspeed Corporation Ltd announced that the Company had entered into a Sale and Purchase Agreement on November 1, 2013 with Mr. Liang Yew Meng Jerry, to dispose its entire 100% shareholdings in Jackspeed Aviation Pte. Ltd to the Purchaser. The Purchaser is a director of JA and oversees the business and operations of JA. Pursuant to the Agreement, the Company has agreed to sell and the Purchaser has agreed to purchase 100% of the Company‚Äôs shareholdings comprising of 500,000 ordinary shares of S$1 each in the capital of JA for an aggregate consideration of S$300,000, subject to the terms and conditions of the Agreement. A sum of S$150,000 equivalent to 50% of the Sale Consideration to be paid by way of cheque(s) or bank transfer upon signing of the Agreement; and the balance Sale Consideration of S$150,000 and the other net assets not taken over by the Purchaser amounting to S$250,578 shall be paid in six equal monthly instalments to the Company . 

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