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Scorpio East Holdings Ltd Announces Memorandum Of Understanding In Relation To Proposed Acquisition Of Kop Properties Pte. Ltd.


Monday, 26 Aug 2013 05:00am EDT 

Scorpio East Holdings Ltd announced that the Company had on August 23, 2013 entered into a non-binding memorandum of understanding (MOU) with: KOP Group Pte. Ltd. (KOPG); and the Individual Vendors, in respect of the proposed acquisition by the Company of the entire issued and paid-up share capital of KOP Properties Pte. Ltd. (KOP) comprising 15,000,000 issued and paidup ordinary shares (the KOP Shares) from KOPG, the Individual Vendors and certain new investors (collectively, the Vendors) (the Proposed Acquisition). KOP, which is incorporated in Singapore, is an integrated real estate developer and real estate management services arm of KOPG. KOP and its subsidiaries (KOP Group) are engaged in the development, management and marketing of residential and commercial properties, as well as the management of hotels, resorts and yachts in Asia and Europe. The Consideration Shares will be issued at an estimated SGD0.210 for each share after Share Consolidation or at such other price as may be agreed between the parties, based on the estimated price of SGD0.105 for each share before Share Consolidation. The parties agree that Completion shall be no later than January 31, 2014. The Consideration shall be satisfied through the allotment and issue to the Vendors of new shares (the Consideration Shares) of the Company (the Subscription). 

Company Quote

0.175
0.0010 +0.57%
24 Apr 2014