ACQUISITIONS AND DISPOSALS :: CHANGES IN COMPANY'S INTEREST :: ACQUISITION OF SHARES IN STORHUB MANAGEMENT PTE. LTD.

 

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Name of Announcer *

HERSING CORPORATION LTD  

Company Registration No.

199706986E  

Announcement submitted on behalf of

HERSING CORPORATION LTD  

Announcement is submitted with respect to *

HERSING CORPORATION LTD  

Announcement is submitted by *

Chua Khee Hak  

Designation *

Director  

Date & Time of Broadcast

30-Jun-2010 17:40:52  

Announcement No.

00127  

 

 

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Announcement Title *

ACQUISITION OF SHARES IN STORHUB MANAGEMENT PTE. LTD.  

Description

The Board of Directors of Hersing Corporation Ltd (the "Company") wishes to announce that further to the Company’s announcement made on 16 April 2010 in relation to the joint venture for expansion of self storage business, the Company had subscribed for and was allotted 38 ordinary shares in the capital of Storhub Management Pte. Ltd. ("SMPL") for a total cash consideration of S$38.00. This constitutes 38% interest in SMPL.

Subsequently, the 38 ordinary shares in the capital of SMPL were transferred at the same consideration to the Company’s wholly-owned subsidiary, Hersing Store Pte. Ltd.

The cash consideration was funded internally and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group for the financial year ending 31 December 2010.

None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the above transaction.


By Order of the Board


Chua Khee Hak
Director
30 June 2010  

 

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