Business briefing

Serial System to acquire Swift Value Business

SERIAL System has entered into a conditional sale-and- purchase agreement to fully acquire Swift Value Business. The purchase consideration consists of the net tangible assets (NTA), plus a premium of S$10 million and a 20 per cent share of post-tax net profit for the financial years ending Dec 31, 2015, 2016 and 2017. As at Dec 31, 2014, Swift Value's unaudited NTA after adjustments worked out to S$3.01 million. It will be funded by internal funds and/or bank borrowings, said Serial System.