News and Announcements
TEHO Enters Agreement with Teco Electric & Machinery
- Published November 27, 2015 10:50AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
1. INTRODUCTION
The Board of Directors (the “Board”) of TEHO International Inc Ltd. (the “Company” and together with its subsidiaries, the “Group”) wishes to announce that TEHO Ropes & Supplies Pte. Ltd. (“TRSPL”), a wholly-owned subsidiary of the Company, had, on 20 November 2015, entered into an option agreement (the “Option Agreement”) to grant an option (the “Option”) to Teco Electric & Machinery (Pte.) Ltd (the “Purchaser”) to purchase from TRSPL the property located at 47 Tuas Avenue 9, Singapore 639190 (the “Property”) at a purchase consideration of S$14,380,000 (the “Consideration”) and on the terms and subject to the conditions of the Option Agreement (the “Proposed Disposal”).
2. INFORMATION ON THE PURCHASER
Teco Electric & Machinery (Pte.) Ltd is a company incorporated in Singapore with its registered office located at 18 Chin Bee Drive, Singapore 619865, and is principally involved in the business of manufacturing and repairing of electric motors, refrigerating, air-conditioning and ventilating machinery and equipment except household refrigerators.
The Purchaser is an unrelated third party. The Company, its Directors and controlling shareholders are not related to the Purchaser.
3. INFORMATION AND VALUE OF THE PROPERTY
The Property is a single-storey warehouse and has a land area of 6,931.8 square metres. It is a leasehold property with a 30-year lease commencing 1 May 1991 with an option to renew for another 30 years granted by Jurong Town Corporation. At present, the Property is used as a
warehouse primarily for the storage of TRSPL’s fibre ropes.
Based on the independent valuation of the Property commissioned by the Group and undertaken by the independent professional valuer, CKS Property Consultants Pte Ltd, the open market value ascribed to the Property as at 30 June 2015 in its valuation report dated 30 June 2015 (“Valuation Report”) was S$13,200,000 (the “Valuation”). The valuation method adopted was market comparison method.
To read the full announcement, please click here.
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