Xebio Co., Ltd. (TSE:8281) entered into a conditional business transfer agreement to acquire golf business from Transview Golf Pte Ltd. for SGD 20.9 million on December 17, 2013. In a related transaction, Xebio is also buying Transview Golf Sdn Bhd from Transview Golf Pte Ltd. Xebio is also acquiring Transview Lifestyle and Nippon Golf from Transview Holdings for total consideration of SGD 28 million, out of which SGD 2.8 million will be kept in escrow. The net asset value of golf business as at June 30, 2013 is SGD 11.5 million. The deal is subject to regulatory approval, approval by shareholders of Transview Golf Pte Ltd, approval by Board of Directors and shareholders of Xebio, third party approval, Transview Golf shall have duly obtained and delivered to Xebio written confirmations addressed to Transview Golf from existing employees of Transview Golf indicating their willingness to be employed or to remain employed by the Xebio post-Closing, with such number of confirmations to be no less than 95% of the aggregate of the number of employees; Transview Golf Sdn Bhd shall have disposed its head office and warehouse to Transview Golf effective on the closing; lease agreements for the lease by Transview Golf Pte Ltd. to Xebio and Transview Golf Sdn Bhd of its head office and warehouse respectively shall have been executed in a manner and substance reasonably satisfactory to Xebio and execution of management agreement. Transview Holdings is expected to realize a gain of SGD 12 million from the disposals. As on March 18, 2014, the shareholders of Transview Holdings Limited approved the transaction.

Xebio Co., Ltd. (TSE:8281) completed the acquisition of golf business from Transview Golf Pte Ltd. on March 31, 2014.