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EuroSports Global to expand into premium sports car rental business
EUROSPORTS Global has entered into a conditional sale and purchase agreement to acquire Ultimate Drive (UD) and Driven By Adrenaline (DBA) for S$535,000.
Incorporated in Singapore, UD and DBA are limited private companies that both provide short-term rental of premium sports cars. Of the S$535,000, S$534,990 is the payment for UD, while the balance is for DBA.
EuroSports said it entered into the agreement on Tuesday with Marc Griot and Pascal Olivier Grandin as well as UD and DBA. Mr Griot and Mr Grandin are the shareholders of UD, while DBA is held by Muhammad Hidayat Bin Idross as their nominee.
"The company is of the view that the business is complementary to the business of the group," said EuroSports Global. "The proposed acquisition provides a ready platform and an established brand in "Ultimate Drive" for the group to expand into the short-term premium sports car rental business."
Based on unaudited management accounts for the financial year ended December 31, 2014 and December 31, 2015, the net book value - equal to the net tangible book value of the assets - are S$82,485 and S$149,811, respectively, while the loss before tax incurred are S$3,584 and S$38,990, respectively.
The acquisition will be funded through the group's internal resources.