Fullshare Holdings intends to acquire Singapore commercial and office development project GSH Plaza for S$365.5 million
 
Feb 09, 2017
Category:

(8 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 commercial and office development project situated in the central business district of Raffles Place in Singapore.

Mr. Ji Changqun, Executive Director, Chairman and CEO of Fullshare Holdings said, "The available office units are valued at S$2,900 per square foot. We are glad to have a discount of 6% from the average price of S$3070 psf for GSH plaza strata office units sold based on the historical transaction record and believe it has great potential for appreciation in the future as a premium Grade A office building."

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.

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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 said, "Fullshare Holdings continues to focus its efforts in investing in healthy living and lifestyle. Having a significant presence in Singapore, one of Asia's greenest cities, is a major milestone and demonstrates Fullshare Holdings' continued interest in this market. As the Group continues to expand abroad, we look to continually partner with established and highly reputable entrepreneurs such as Mr. Sam Goi, hopefully the GSH Plaza transaction can open the doors for future cooperation opportunities as we continue to expand overseas."

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About Fullshare Holdings Limited
Aiming to develop itself into the world's leading service provider in grand health industry, Fullshare Holdings Limited focuses on its business of medical healthcare (traditional Chinese medicine, medical equipment, high-end medical care and maternal and infant care, etc.), healthy lifestyle (global timeshare, suburban light vacation, urban leisure and property development for healthcare and elderly care, etc.), O2O platform for health products and services as well as investment (healthcare, financial and other investments). The Group will integrate the resources of the global healthcare management and services, medical treatment, elderly care, tourism, finance, operation, market and property to construct an open platform in the grand health industry and will establish a business that covers all aspects of the value chain of the healthy living industry that benefits customers, business partners and Fullshare.