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Singapore Medical Group Ltd Disposes Entire Equity Interest In Singapore Aesthetic Centre Pte Ltd


Monday, 2 Sep 2013 08:56am EDT 

Singapore Medical Group Ltd announced that the Company has on September 2, 2013 entered into a sale and purchase agreement to dispose its entire equity interest in Singapore Aesthetic Centre Pte Ltd (SAC), which representing 70% of the total issued and paid-up capital of SAC, for a cash consideration of $255,000 (the Disposal) to be paid in full upon completion, to the shareholder of the remaining 30% shares of SAC. Following the Disposal, SAC ceased to be a subsidiary of the Group. The consideration was arrived at on a willing buyer and willing seller basis and after taking into consideration of the net tangible asset value of SAC as at August 31, 2013 of approximately $20,000, track records, financial performance and potential business growth of SAC. A dividend of $250,000 was declared by SAC on August 28, 2013 as this is the condition precedent before the sale and purchase agreement was entered into. No valuation was conducted for the Disposal. 

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