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TOP Global Limited said its wholly owned subsidiary, Top Global Hospitality Pte Ltd, has on Feb 17 entered into a sale and purchase agreement to take a 35 per cent stake in 5Footway Founders Private Limited.
The stake acquisition involves purchasing 40,000 shares in 5Footway from its existing shareholders for a cash consideration of S$520,000 and another 476,923 new shares of 5Footway for S$1.94 million.
Top Global will also extend a loan of S$800,000 to 5Footway for three years, which can be converted up to two shares of 5Footway upon certain conditions being fulfilled.
5Footway, a Singapore-incorporated company involved in hospitality management, will become an associated company of Top Global when the transaction is completed.