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SINGAPORE eDevelopment said on Monday it has acquired BMI Capital Partners International (BMICP) for a cash consideration of HK$1 (17 Singapore cents) from Chan Heng Fai, a substantial shareholder and the executive director and chief executive officer of Singapore eDevelopment.
BMICP is an investment holding company incorporated on June 26, 2013 in Hong Kong. It has a wholly-owned computer software technology subsidiary SeD Capital Shanghai that was incorporated on April 20, 2015 as a wholly-owned foreign enterprise under Chinese laws with a registered share capital of 30 million yuan (S$6.5 million).
"BMICP is obliged, under the laws of PRC (the People's Republic of China), to contribute the registered share capital in full within 20 years from the incorporation date of SeD Capital Shanghai," said Singapore eDevelopment in a statement.
BMICP and SeD have been dormant since their respective dates of incorporation, said Singapore eDevelopment. Following the acquisition, BMICP will become a wholly-owned direct subsidiary of the company and SeD Capital Shanghai a wholly-owned indirect subsidiary of the company.
To boot, BMICP and SeD have a consolidated net equity deficiency of HK$60,721 comprising principally incorporation expenses, said Singapore eDevelopment.
It added: "Immediately after the acquisition, the company shall arrange for the repayment of HK$60,721, being advances from its former shareholder."
The acquisition is funded by internal resources and is not expected to have a material impact on the company's financials for the current financial year ending Dec 31, 2015, added Singapore eDevelopment.