Asset Acquisitions and Disposals::Announcement on the Proposed Sale of Property

About this update from Nippecraft Limited

NIPPECRAFT LIMITED Company Registration No. 197702861N (Incorporated in the Republic of Singapore) _________________________________________________________________________________ ANNOUNCEMENT ON THE PROPOSED SALE OF PROPERTY _________________________________________________________________________________ Introduction The Board of Directors ("Board") of Nippecraft Limited ("Company" and together with its subsidiaries, the "Group") wishes to announce that the Company had, on 22 October 2021, granted an option to purchase ("Option") to Pan Ocean International Pte Ltd (the "Purchaser"), for the sale of its property located at 9 Fan Yoong Road, Singapore 629787 (the "Property") (the "Proposed Disposal") for a cash consideration of S$2.68 million (the "Purchase Price" or "Sales Consideration") subject to the terms and conditions of the Option. The Option is to be exercised within four (4) weeks from the date of Option granted and will lapse at 4.00 p.m. on 19 November 2021 (the "Expiry"). As the relative figure computed under Rule 1006 of the Listing Manual of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Section B: Rules of Catalist (the "Catalist Rules") exceeds 5% but does not exceed 50%, the Proposed Disposal constitutes a "discloseable transaction" as defined under Chapter 10 of the Catalist Rules. Accordingly, the approval of shareholders of the Company (the "Shareholders") at an extraordinary general meeting (the "EGM") is not required for the Proposed Disposal. Information on the Property The Property is a leasehold property granted by the Jurong Town Corporation ("JTC") with a tenure of 60 years which commenced on 1 November 1967. It is a 4-storey detached factory building comprising office and warehouse spaces and has a land and a gross floor area of approximately 4,622.45 square metres and 6,161.45 square metres, respectively. The balance tenure of the Property is approximately six (6) years. The Property is currently used by the Group as its registered office and warehouse. About 20% of the total gross floor area is currently leased to two unrelated third-parties. Subsequent to the completion of the Proposed Disposal, the Group intends to shift its office to an alternate location and consolidate its warehousing needs to its properties at 11 Fan Yoong Road Singapore 629789 and 8 Kwong Min Road Singapore 628711. Based on the unau...

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