Sim Leisure incorporates subsidiary in Singapore

Published Wed, Mar 25, 2020 · 11:32 AM

SIM Leisure Group announced on Wednesday that it has incorporated a 60 per cent-owned subsidiary, Sim Leisure Creative, in Singapore.

The subsidiary has an issued and fully paid-up share capital of S$10 million. It will engage in leasing of non-financial intangible assets such as patents and trademarks, and provide management consultancy services.

The remaining 40 per cent of the subsidiary is held by two minority shareholders who are not related to any of the directors or substantial shareholders of the company and their respective associates, said the group in a regulatory update.

One of the shareholders is former director of the company Wesley James Rae, who holds a 30 per cent stake in Sim Leisure Creative. He had resigned as of Feb 25.

The incorporation was funded by the company's internal resources and is not expected to have any material effect on the consolidated net tangible assets per share and earnings per share of the company for the financial year ended Dec 31, 2020.

Sim Leisure shares closed half a cent lower or 2.3 per cent at S$0.21 on Wednesday.