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Singapore Shipping Corp Ltd Enters Into Sale And Purchase Agreement With MYP Ltd

Tuesday, 8 Jan 2013 05:34am EST 

Singapore Shipping Corp Ltd announced that it has on January 08, 2013 entered into a sale and purchase agreement (the S&P Agreement) with MYP Ltd. (the Vendor) for the sale to the Company by the Vendor of all of the Vendor’s shareholdings in the capital of : Hai Poh Terminals Pte Ltd (HPTL); Island Line Pte Ltd (ISPL); Nanyang Maritime (S’pore) Pte Ltd (NYML); and SSC Shipping Agencies Pte Ltd (SSPL) for an aggregate cash consideration SGD15,000,000.00 (the Proposed Acquisition). (HPTL, ISPL, NYML and SSPL shall hereinafter be collectively referred to as the Target Companies). Upon completion of the Proposed Acquisition, the Company shall hold: 50,000 HPTL shares (the HPTL Sale Shares), representing 50% of HPTL’s total issued and paid up share capital of SGD100,000; 400,000 ISPL shares (the ISPL Sale Shares), representing 100% of ISPL’s total issued and paid up share capital of SGD400,000; 245,000 NYML shares (the NYML Sale Shares), representing 49% of NYML’s total issued and paid up share capital of SGD500,000; and 10,000,000 SSPL shares (the SSPL Sale Shares), representing 100% of SSPL’s total issued and paid up share capital of SGD5,000,500. The aggregate consideration payable by the Company for the Sale Shares is SGD15,000,000.00, consisting of the following sums: SGD1,500,000.00 payable for the HPTL Sale Shares; SGD2,000,000.00 payable for the ISPL Sale Shares; SGD1,500,000.00 payable for the NYML Sale Shares; and SGD10,000,000.00 payable for the SSPL Sale Shares. 

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