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Provider: Reuters Investment Profile
Provider: Wright Reports

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Neo Group Ltd's Neo Garden Catering Pte. Ltd Announces Acquisition Of Five Units Of Properties From International Flavors & Fragrances (Greater Asia) Pte. Ltd

Thursday, 18 Apr 2013 06:03am EDT 

Neo Group Ltd announced that the Company had through its wholly-owned subsidiary, Neo Garden Catering Pte. Ltd. (NGC), exercised an Option to Purchase in relation to the acquisition of five units of properties located at Enterprise Road (collectively the Properties) from International Flavors & Fragrances (Greater Asia) Pte. Ltd. (the Vendor), an unrelated and independent party (the Proposed Acquisition). The Properties are located at Enterprise Road with a total land area of 6,969.40 square metres. The remaining leases of the Properties with Jurong Town Council (JTC) expire between year 2035 and year 2042 and the leases will be assigned to NGC upon completion of the Proposed Acquisition. The total purchase consideration for the Proposed Acquisition is S$12 million (the Purchase Consideration), paid or payable by NGC to the Vendor in the following manner: SGD120,000 being 1% of the Purchase Consideration (the Option Fee) was paid to the Vendor by way of a Cheque; SGD1,080,000 being the equivalent of 10% of the Purchase Consideration (less the Option Fee) (the Deposit) was paid to Singapore Academy Of Law by way of a Cashier’s Order, and to be held by the Singapore Academy Of Law as stakeholders pending completion of the sale and purchase; SGD10,800,000 being the balance of the Purchase Consideration, to be paid upon completion of the Proposed Acquisition. 

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8 Jul 2014