Announcement • Apr 02
Wei Global Pte. Ltd. completed the acquisition of Hawkerway Pte Ltd. from GS Holdings Limited (Catalist:43A).
Wei Global Pte. Ltd. entered into a conditional share sale and purchase agreement to acquire Hawkerway Pte Ltd. from GS Holdings Limited (Catalist:43A) for SGD 2.6 million on February 4, 2026. The Gross Consideration shall be payable as follows; (i) SGD 0.26 million equivalent to 10% of the Gross Consideration, shall be payable by the Wei Global Pte. Ltd. to GS Holdings Limited upon the execution of the SPA; and (ii) SGD 2.34 million being the remaining amount of the Gross Consideration shall be payable upon Completion. GS Holdings Limited will provide a post-completion undertakings to utilize a sum of SGD1.95 million from the Gross Consideration to settle the liabilities of Hawkerway and Hawkerway’s Subsidiaries. The maximum obligation by GS Holdings Limited is SGD 1.95 million. As such, the net consideration received for the Sale Shares is SGD 0.65 million.
Completion is conditional upon several conditions being satisfied or waived to enable Completion to take place within six (6) months from the date of the SPA or such other date as the Parties may agree in writing including: (i) the Wei Global Pte. Ltd. obtaining such approval(s) from its board of directors in connection with the SPA and the transactions contemplated therein as may be necessary; (ii) Hawkerway obtaining such approval(s) from its board of directors and/or shareholders in connection with the SPA and the transactions contemplated therein as may be necessary, including but not limited to: the entry into and execution of the SPA and the transactions contemplated therein; the transfer of the Sale Shares from GS Holdings Limited to the Wei Global Pte. Ltd.; the revocation of all existing authorities given to authorized personnel for the operation of the bank accounts of Hawkerway, and the authorization of new authorized personnel as nominated by the Wei Global Pte. Ltd. to operate such bank accounts; if required, the affixation of Hawkerway’s common seal in accordance with the Constitution to any documents to be executed in connection with the SPA and the transactions contemplated therein; the cancellation of old share certificate(s) in the name of GS Holdings Limited, and the issuance of new share certificates in favour of the Wei Global Pte. Ltd. and/or its nominee(s) in respect of the Sale Shares; and the lodgment of the required statutory returns with the relevant regulatory authority and the registration of the Wei Global Pte. Ltd. in Hawkerway’s electronic register of members maintained by ACRA as holder of the Sale Shares. (iii) GS Holdings Limited obtaining such approval(s) from its board of directors, shareholders and/or the SGX-ST, if required, in connection with the SPA and the transactions contemplated therein as may be necessary; (iv) each of the warranties and undertakings remaining true and not misleading in any material respect as at the Completion Date, as if repeated on the Completion Date and at all times between the date of the SPA and the Completion Date; (v) all approvals, consents and/or waivers as may be necessary from any third party, governmental or regulatory body or relevant competent authority for the transactions contemplated under the SPA, being granted or obtained by GS Holdings Limited and/or Hawkerway, and being in full force and effect and not having been withdrawn, suspended, amended or revoked before the Completion Date, and if such approvals, consents and/or waivers are granted or obtained subject to any condition(s) and if such condition(s) are required to be fulfilled before the Completion Date, such conditions being fulfilled before the Completion Date; (vi) the execution and performance of the SPA by the Wei Global Pte. Ltd. and GS Holdings Limited not being prohibited, restricted, curtailed, hindered, impaired or otherwise adversely affected by any relevant statute, order, rule, directive or regulation promulgated by any legislative, executive or regulatory body or authority; and (vii) a report from the independent financial adviser being satisfactory to GS Holdings Limited. Subject to the terms and conditions of the SPA, GS Holdings Limited shall, as legal and beneficial owner, sell and transfer to the Wei Global Pte. Ltd., and the Wei Global Pte. Ltd. shall purchase from GS Holdings Limited the Sale Shares, with all rights, title and interest in and to the Sale Shares attaching to them as at the date falling fourteen days after the date when the last of the Conditions Precedent is fulfilled or waived, or such other date as the Parties may agree in writing. GS Holdings Limited intends to use the net proceeds from the Proposed Disposal for working capital purposes.
Wei Global Pte. Ltd. completed the acquisition of Hawkerway Pte Ltd. from GS Holdings Limited (Catalist:43A) on March 31, 2026. All conditions precedent were fulfilled. On completion, Hawkerway Pte. Ltd. has ceased to be a subsidiary of GS Holdings Limited.
