Singapore Shipping Corp. Ltd. (SGX:S19) entered into a conditional sale and purchase agreement to acquire 49% stake in Nanyang Maritime (S'pore) Pte Ltd from MYP Ltd. (SGX:F86) for SGD 1.5 million in cash on January 8, 2013. In related transactions, Singapore Shipping Corp. Ltd. (SGX:S19) entered into a conditional sale and purchase agreement to acquire 50% stake in Hai Poh Terminals Pte Ltd,Island Line Pte Ltd and SSC Shipping Agencies Pte Ltd from MYP Ltd. (SGX:F86) for SGD 1.5 million, SGD 2 million and SGD 10 million respectively on January 8, 2013. Singapore Shipping will acquire 0.25 million shares of Nanyang Maritime.

The transaction is subject to satisfactory financial, business and legal due diligence, approval of the Board of Directors of Singapore Shipping, Nanyang Maritime and MYP Ltd, approval of the shareholders of MYP Ltd and Singapore Shipping, all required regulatory, listing compliance and other approvals. If any of the conditions are not fulfilled by any party on or before March 31, 2013 or such other date as Singapore Shipping and MYP Ltd. may agree in writing, the agreement shall ipso facto cease. As on March 7, 2013, the long stop date of the transaction has been extended from March 31, 2013 to April 30, 2013. The transaction was unanimously approved by Directors of MYP and the Directors recommended the shareholders to approve the transaction on March 21, 2013. MYP Ltd will realize a gain of SGD 4.8 million arising from the proposed divestment. The cash proceeds of SGD 14.88 million from the proposed transactions is intended to be used for the purposes of investing into real estate and real estate-related assets by MYP Ltd.

The Directors of Singapore Shipping recommend that the shareholders vote in favor of deal. The long stop date for satisfaction of conditions of deal is April 30, 2013. The transaction was approved by shareholders of MYP Ltd. on April 5, 2013.