HRNETGROUP LIMITED HRNETGROUP LIMITED
(Incorporated in the Republic of Singapore)
(Company Registration No. 201625854G)
CHANGES IN INTEREST IN THE COMPANY'S SUBSIDIARIES
Pursuant to Rule 706A of the Listing Manual of Singapore Exchange Securities Trading Limited ("SGX-ST"), the Board of Directors of HRnetGroup Limited (the "Company") wishes to announce the following changes that occurred during the half year ended 30 June 2022:
Change of Interest in Company's Subsidiaries
Pursuant to the 88Glow Plan and relevant Co-owners' Letters, the Company acquired through its indirect subsidiaries, the following shares and/or economic interests from certain co-owners/shareholders of the subsidiaries, as follows:
Change | Company's Deemed Interest | ||
Subsidiaries | (%) | ||
(%) | |||
Before | After | ||
Disposals | |||
Agensi Pekerjaan PeopleFirst Consulting Sdn Bhd | (10.00) | 100.00 | 90.00 |
HRnet One Limited(1) | (5.00) | 100.00 | 95.00 |
HRnet One (Taiwan) Pte Ltd(1) | (10.00) | 86.00 | 76.00 |
HRnet One (Shenzhen) Limited(1) | (1.88) | 80.00 | 78.12 |
PeopleSearch (Taiwan) Pte Ltd(1) | (10.00) | 74.67 | 64.67 |
RecruitFirst Limited | (5.00) | 70.00 | 65.00 |
Acquisitions | |||
PeopleSearch Pte Ltd | 1.50 | 91.00 | 92.50 |
RecruitFirst Service (Shanghai) Limited and | |||
RecruitFirst (Shanghai) Limited(1) | 5.00 | 85.00 | 90.00 |
HRnet One (Shanghai) Limited(1) and | |||
HRSH SPV Limited | 3.00 | 82.00 | 85.00 |
PeopleSearch (Taiwan) Pte Ltd | 2.67 | 74.67 | 77.34 |
The respective considerations were determined based on relevant formulas involving valuation by price earning ratio on the operating profits or operational net asset value set out in the relevant Co-owners' Letters. The net cash consideration for the above transactions amounted to S$0.1m, comprising S$1.0m received and S$1.1m paid. The net asset value of these acquired shares is not meaningful as the amount is not material and HRnetGroup consolidates the full net asset value of these subsidiaries.
The foregoing is not expected to give rise to any material financial impact on the Group for the current financial year.
None of the Directors and controlling shareholders of the Company has any interest, direct or indirect, in the said transactions, other than through their respective directorships and shareholdings in the Company.
BY ORDER OF THE BOARD
Sim Yong Siang
Founding Chairman
11 August 2022
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HRnetGroup Ltd. published this content on 11 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2022 10:00:03 UTC.
