Fullshare Holdings intends to acquire Singapore commercial and office development project GSH Plaza for S$365.5 million
Feb 5, 2017
2 minute read
(6 February, 2017, Hong Kong) Fullshare Holdings Limited (“Fullshare Holdings” or the “Company”; SEHK stock code: 607, together with its subsidiaries, the “Group”), is pleased to announce that on 6 February 2017, the Company entered into a term sheet with the vendors in relation to the possible acquisition of the entire issued share capital at a consideration of S$231.9 million and the assignment of shareholder loans of Plaza Ventures Pte. Ltd. of S$133.6 million by Fullshare Holdings or any company nominated by Fullshare Holdings and agreed to by the Vendors (“the purchaser”). Plaza Ventures Pte. Ltd. is a Singapore registered developer and owner of GSH Plaza, a newly refurbished Grade-A commercial building strategically located in the heart of Singapore’s financial and business district of Raffles Place.
The vendors included (1) GSH Properties Pte. Ltd. (“GSH Properties”), a wholly-owned subsidiary of Singapore-listed GSH Corporation Limited (SGX stock code: BDX), (2) TYJ Group Pte. Ltd. (“TYJ Group”), a company wholly owned by the executive chairman of GSH Corporation Limited, and (3) Vibrant DB2 Pte. Ltd. (“Vibrant DB2”), a joint venture of Singapore-listed Vibrant Group Limited (SGX stock code: BIP) and DB2 Properties Pte. Ltd., a private property developer in Singapore.
Pursuant to the term sheet, GSH Properties, TYJ Group and Vibrant DB2, will transfer and assign their rights and interest in the respective shareholder loans totaled S$133.6 million to the purchaser, subject to the completion of the possible acquisition. On the other hand, an ultimate shareholder of Vibrant DB2 or a corporate entity acceptable to purchaser shall purchase all of the retail units located on the first and second floors of GSH Plaza at a consideration of S$75.6 million plus the Goods and Services Tax.
Mr. Ji Changqun, Executive Director, Chairman and CEO of Fullshare Holdings said, “Fullshare Holdings aims to proactively promote green and healthy living and is committed to creating a livable and healthy community. The proposed acquisition target GSH Plaza enjoys a prime location as it is situated in the Central Business District (CBD) with only 2-minute walk from Raffles Place MRT Station. The 28-storey office tower has 259 strata office units and two levels of retail space, representing a versatile and efficient commercial space which caters to both retail and sophisticated lifestyle needs. It encourages work-life balance and can set a fine example for the future business community.”