See Hup Seng Ltd. entered into a conditional sale and purchase agreement to acquire Hetat Holdings Pte. Ltd. from Ng Han Kok for SGD 43.5 million.
The deal is conditional upon approval from See Hup Seng Ltd. shareholders, consummation of due diligence of investigation, satisfactory completion of all regulatory requirements including the receipt of all necessary approvals from the relevant authorities and compliance with all applicable laws and rules of the SGX-ST, the receipt of approval-in-principle from the SGX-ST for the listing and quotation of the consideration shares and the subscription shares, execution of employment and escrow agreements, minimum balance sheet requirements, completion of the internal restructuring of the Hetat Group, the Vendor having entered into a service agreement for the appointment of Ng Han Kok as the Chief executive Officer of the Hetat Group for an initial period of three (3) years commencing from completion date. If the conditions are not satisfied or waived on or before the date falling 180 days from the date hereof, the agreement shall lapse and cease to have effect, and each party shall not have any claim against the other. The transaction has been unanimously approved by the Board of See Hup Seng Ltd. The completion of the proposed acquisition will contribute positively to the future earnings of See Hup Seng. As of December 6, 2013, the SGX-ST has granted its approval in-principle for the listing and quotation of the consideration shares and the new shares on the official list of the SGX-ST. Tata Capital Markets Pte. Ltd. acted as the financial advisor and Nexia TS Public Accounting Corporation acted as accountant for See Hup Seng Ltd.