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Singapore Post Ltd Enters Into Share Purchase Agreement With Tan Ho Sung @ Taufiq Tan To Purchase Famous Holdings Pte Ltd

Friday, 18 Jan 2013 05:27am EST 

Singapore Post Ltd announced that the Company has entered into a share purchase agreement (the Agreement) with Tan Ho Sung @ Taufiq Tan (the Seller), pursuant to which the Company has agreed to purchase from the Seller 625,000 ordinary shares (the Sale Shares) in Famous Holdings Pte Ltd (FHPL), representing 62.5% of the total number of issued shares of FHPL; and that the Seller has granted to the Company a call option (the Call Option) and the Company has granted to the Seller a put option (the Put Option), in respect of the balance ordinary shares in FHPL held by the Seller (the Option Shares) representing 37.5% of the remaining issued shares of FHPL. Under the Agreement, the Company is to pay a consideration of SGD60,000,000 for the purchase of the initial 625,000 ordinary shares of the Company (the Sale Shares Consideration), which will be payable wholly in cash on completion of the acquisition of the Sale Shares. A further consideration of up to SGD50,000,000, to be determined based on the final valuation of the FHPL Group (the Final Valuation) consisting wholly of cash, or a combination of cash and treasury shares of the Company, may be paid on the completion of the acquisition of the Options Shares (the Option Shares Consideration). Accordingly, the aggregate consideration (consisting of the Sale Shares Consideration and the Option Shares Consideration) for the entire share capital of FHPL, is upto SGD110,000,000 , subject to certain earn-out adjustments.