SINGAPORE: The board of directors of JCG Investment Holdings Ltd. has announced that the Company has, on 11 March 2019, entered into a sale and purchase agreement with Tan Suying to acquire all 100% of the issued and fully paid up ordinary shares in the capital of Brand X Lab Pte. Ltd.
The aggregate consideration for the purchase of the shares of Brand X Lab shall be S$3.35 million taking into account the net profits of the target company.[the_ad id=”31605″]Upon completion of the proposed acquisition, Brand X Lab will become a direct wholly-owned subsidiary of JCG Investment Holdings.
Brand X Lab is a private limited company incorporated in Singapore having an issued and paid-up share capital of S$100,000 comprising 100,000 ordinary shares. Its principal activities are those of event organization and promotion as well as business and management consultancy services.
As at December 31, 2018 the net asset value for Brand X Lab was approximately S$510,863. For the financial year ended December 31, 2018, the net profit was approximately S$374,536. As of the date of this announcement, Tan Suying is the legal and beneficial owner of all of the issued and fully paid up ordinary shares in the capital of the Brand X Lab.
JCG Investment Holdings commenced a review of the existing businesses to determine the feasibility of expanding and growing the same or any part of such businesses as well as to consider the feasibility of adding business consultancy, real estate related services and investments and, subject to compliance with licensing and other regulatory requirements, investment management and advisory services.
In this respect, JCG Investment Holdings has identified the business of Brand X Lab as being synergistic with and complementary to the Company’s existing medical aesthetics and healthcare business.
As part of this review and expansion and beginning with the proposed acquisition, the directors and management of JCG Investment Holdings will endeavor to build a portfolio of businesses that is well positioned to create and enhance shareholder value over the long term in a prudent manner.