See Hup Seng
Investor Relations
News
Acquisition Of A Company
BackJan 13, 2012
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| Description | The Board of Directors of See Hup Seng Limited (the "Company") wishes to announce that its wholly owned subsidiary, TAT Petroleum Pte. Ltd ("TAT Petroleum") has acquired TAT Petroleum (S) Pte. Ltd. ("TPS") through the purchase of one (1) share, representing the entire share capital of TPS, for cash consideration of S$1.00. TPS shall henceforth become a wholly-owned subsidiary of TAT Petroleum. TPS was incorporated in September 2008 by Mr Tan Thoo Chye Jimmy, who is the Chairman of TAT Petroleum and Executive Director of the Company, in preparation for a potential listing of TAT Petroleum initiated by the Company. As plans to list TAT Petroleum were subsequently aborted, TPS has not undertaken any business activity since incorporation, and had net tangible value of S$1.00. Following the acquisition, TPS will be principally engaged in activities related to the refined petroleum business. Except for Mr Tan Thoo Chye Jimmy, none of the other directors or substantial shareholders of the Company has any interest, direct or indirect, in the above transaction (other than their shareholdings in the Company). By Order of the Board Thomas Lim Siok Kwee Executive Chairman & Chief Executive Officer 13 January 2012 |
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