ACQUISITION OF A NEW SUBSIDIARY
INTRODUCTION
The Board of Directors (the "Board") of ValueMax Group Limited (the "Company", and together with its subsidiaries, the "Group") is pleased to announce that on 8 December 2021, the Company acquired 100% of the issued and paid-up share capital comprising 100,000 ordinary shares, fully paid, in the capital of Hersing Credit Pte. Ltd., ("HCPL"), a licenced moneylending company incorporated in Singapore (the "Acquisition"). HCPL will, upon completion of the Acquisition, become a wholly- owned subsidiary of the Company.
CONSIDERATION AND PAYMENT
The total consideration for the Acquisition is S$280,000/- to be fully satisfied in cash. The consideration was arrived at on a willing buyer, willing seller basis, taking into account the value of the licence and loan book.
The consideration will be fully satisfied by the internal resources of the Group.
NET ASSET VALUE
The audited net asset value of HCPL for the year ended 31 December 2020 was S$45,176.
RATIONALE FOR THE ACQUISITION
The Acquisition is in line with the Group's strategy to expand its moneylending business.
RELATIVE FIGURES
As none of the relative figures computed on the applicable bases under Rule 1006 of the Listing Manual of the Singapore Exchange Securities Trading Limited (the "Listing Manual") exceeds 5%, the Acquisition is a non-discloseable transaction under Chapter 10 of the Listing Manual.
FINANCIAL EFFECT OF THE ACQUISITION
The above transaction is not expected to have a material impact on the consolidated net tangible assets and earnings per share of the Group for the financial year ending 31 December 2021.
INTERESTS OF THE DIRECTORS AND CONTROLLING SHAREHOLDERS
None of the Directors or Controlling Shareholders of the Company has any interest, direct or indirect (other than through their shareholdings in the Company) in the above transaction.
By Order of the Board
Lotus Isabella Lim Mei Hua
Company Secretary
9 December 2021
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ValueMax Group Ltd. published this content on 09 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 December 2021 03:21:04 UTC.