Investor Relations - News
Completion Of Sale And Purchase Agreements
Further to the announcements made by the Directors of Metalock (Singapore) Limited (the "Company") on 15 and 19 February 2002, the Directors of the Company are pleased to announce as follows:-
1. The Company has today completed the sale of its property at 27 Gul Drive, Singapore 629475, to Ciserv Singapore Pte Ltd ("Purchaser") pursuant to the terms of the agreement dated 15 February 2002 made between the Company, the Purchaser and W?rtsil? Singapore Pte Ltd. 100% of the consideration for the sale of the Property has been paid by the Purchaser to the Company today; and
2. (a) The Company's wholly owned subsidiary, MTQ Engineering Pte Ltd ("MTQ"), has today completed the sale of the assets relating to its marine repair services and the trading and selling of related marine spare parts and components businesses ("Assets") (but excluding accounts payable and receivable) to the Purchaser pursuant to the terms of the agreement (the "Asset Agreement") dated 15 February 2002 made between MTQ, the Purchaser, the Company and W?rtsil? Singapore Pte Ltd;
(b) 95% of the consideration for the sale of the Assets has been paid by the Purchaser to MTQ today; and
(c) The balance 5% of the consideration for the sale of the Assets was paid by the Purchaser to its solicitors, M/s Peter Moe & Partners ("PM"), today. The sum will be held by PM in an escrow account ("Escrow Account"). In accordance with the terms of the Asset Agreement, MTQ and the Purchaser will determine the amount of accrued leave entitlement as at completion of the employees transferred to the Purchaser and also carry out and complete a stock take of the Assets within 15 Business Days. The stock take had commenced 2 days prior to completion. MTQ will deliver to the Purchaser, within 30 days of completion, a statement setting out the adjustments (if any) to the sale consideration of the Assets after taking into account the results of the stock take and the accrued leave entitlement. Within 5 Business Days after settlement of the amounts in the statement, MTQ and the Purchaser will determine the amount in the Escrow Account to be released to MTQ and/or the Purchaser and direct PM to make the releases.