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Provider : Sadif Analytics Prime

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Travelite Holdings Ltd Enters Into Sale And Purchase Agreement With Eted Synergy Sdn Bhd

Monday, 14 Oct 2013 07:08am EDT 

Travelite Holdings Ltd announced that the Company has on October 14, 2013 entered into a sale and purchase agreement (SPA) with Eted Synergy Sdn Bhd (the Purchaser), for the proposed disposal by the Company of its entire shareholding interests (the Sale Shares) in its wholly owned subsidiaries, namely Travelite Marketing Sdn Bhd (TM) and Travel For All Sdn Bhd (TFA) (Proposed Disposal). TM and TFA shall collectively be referred to as the Subsidiaries. The Proposed Disposal will result in TM and TFA ceasing to be subsidiaries of the Company. The aggregate sale consideration for the sale of the Sale Shares is MYR19,602,239 (approximately SGD7,680,0001 ) (the Sale Consideration), which will be paid in cash by the Purchaser to the Company in the following manner: a sum of MYR2,940,335.85 (approximately SGD1,152,000) equivalent to 15% of the Sale Consideration to be paid by way of cheque(s) or bank transfer upon signing of the SPA which is fully refundable to the Purchaser in the event the Completion does not take place due to Company's default; and The balance Sale Consideration to be paid by way of cashier’s order on the date of Completion. The Company intends to utilise the net proceeds and the collected Debts, which amounted to S$18,243,000 in aggregate based on the amount of Debts of S$10,633,000 as at August 31, 2013, to fund future business expansions, investments and acquisitions when suitable opportunities arise and general working capital requirements of the Group. 

Company Quote

28 Jul 2015