Mon, Apr 06, 2020 - 9:09 AM MAINBOARD-LISTED skincare products firm Best World International, which is facing a bourse probe over its sales mode
Mon, Apr 06, 2020 – 9:09 AM
MAINBOARD-LISTED skincare products firm Best World International, which is facing a bourse probe over its sales model in China, is looking to acquire up to 100 per cent of the shares in UK-based Pedal Pulses, which sells products and treatments for feet, hands and legs.
Best World and its wholly-owned subsidiary, Best World Investments Pte Ltd (BWIPL), on April 3 inked a sale and purchase agreement with Pedal Pulses’ three shareholders: Margaret Dabbs, Ian Richardson and Jonathan Day. Both companies also entered into a put and call option agreement and a shareholders’ agreement with Ms Dabbs and Mr Richardson.
Under these three transaction documents, Best World will guarantee the obligations of BWIPL, it disclosed in a bourse filing on Friday night.
BWIPL has acquired a 49.9 per cent stake in Pedal Pulses for about £13.9 million (S$24.6 million) in cash, to be funded with internal resources, under the deal’s first tranche which was completed on Friday.
For the second tranche, Ms Dabbs and Mr Richardson may sell and BWIPL may buy any amount of the remaining 50.1 per cent interest, comprising 348 shares or 30 per cent…