COMFORTDELGRO CORPORATION LIMITED
(Company Registration No. 200300002K)
(Incorporated in the Republic of Singapore)
TRANSFER OF THE ENTIRE ISSUED SHARE CAPITAL OF MOOVE MEDIA AUSTRALIA
PTY LTD TO COMFORTDELGRO CORPORATION AUSTRALIA PTY LTD
ComfortDelGro Corporation Limited (the "Company") wishes to announce that its wholly- owned subsidiaries, Moove Media Pte. Ltd. ("MMPL" or the "Seller") and ComfortDelGro Corporation Australia Pty Ltd ("CCA" or the "Purchaser") had entered into a sale and purchase agreement in relation to the proposed disposal of 100% of the existing issued share capital of Moove Media Australia Pty Ltd ("MMA" or the "Target Entity"), a wholly- owned subsidiary of MMPL that incorporated in Australia (the "Proposed Transaction"), for a cash consideration of A$1.7 million (the "Consideration"). The Consideration was arrived at, following arm's length negotiations, on a willing buyer willing seller basis, taking into account the book value of the Target Entity.
The Proposed Transaction is undertaken as part of the restructuring and consolidation of the Group's businesses in Australia.
With the Proposed Transaction, MMPL will focus on its current business of advertising activities in Singapore, whilst MMA will fully support the advertising activities of CCA in Australia. There will be no change in business profile of MMPL following the Proposed Transaction.
The proceeds from the Proposed Transaction will be used by MMPL for its normal operational needs.
The Proposed Transaction is not expected to have any material impact on the net tangible assets and earning per share of the Company and its Group for the financial year ended 31 December 2021
None of the Directors and controlling shareholders of the Company has any direct or indirect interest in the above transaction, save for their respective interests, through their shareholdings and/or directorships, as the case may be, in the Company.
BY ORDER OF THE BOARD
COMFORTDELGRO CORPORATION LIMITED
Angeline Joyce Lee Siang Pohr
Company Secretary
15 September 2021