Common Contracts

ENTRY INTO AN AGREEMENT FOR ADDITIONAL SUBSCRIPTION OF NEW SHARES IN CITYBUILDERS PTE LTD INTRODUCTION

June 16th, 2017

• Filed
  June 16th, 2017

The Company wishes to announce that it has on 16 June 2017 entered into a share subscription agreement (the “Agreement”) with Regional Connexion Limited (“RCL”) and Citybuilders Pte Ltd (“CBS”) (each a “Party” and collectively the “Parties”) to subscribe for new ordinary shares in, and to provide additional funding to, CBS (the “Proposed CBS Subscription”). Under the Agreement, the Company will (a) subscribe for 76,500,000 new ordinary shares (“New Shares”) in CBS for a sum of S$15.3 million (“Consideration”) by way of partial capitalisation of an outstanding shareholders’ loan amounting to S$18.7 million which was extended by the Company to CBS, and (b) provide additional funding of S$15.0 million by way of a shareholder's loan to CBS. For the avoidance of doubt, the remaining shareholders’ loan of S$3.4 million which is not capitalised will remain outstanding and due to the Company.