You are here

Top Global unit to take a 35% stake in 5Footway

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.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes