SingPost disposes indirect subsidiary

FPS Famous Pacific Shipping has a cash consideration of $1.59.

Singapore Post Limited (SingPost) announced that Rotterdam Harbour Holding B.V. and Tomas Kovanda disposed all of their issued shares in FPS Famous Pacific Shipping s.r.o. to Boxlines UCL D.O.O for a cash consideration of $1.59 (EUR1).

Boxlines UCL D.O.O also agreed to pay the $214,650 (EUR135,000) inter-company debt due from FPS Famous Pacific Shipping to FPS Famous Pacific Shipping B.V.

Disposal was on a buyer-willing seller basis, considering the financial performance of the assets and operations of FPS Famous Pacific Shipping.

Based on the recent unaudited financial statements of Rotterdam Harbour Holding B.V. for the financial year ended September 30, 2017, FPS Famous Pacific Shipping has a carrying amount of negative $11,735.

FPS Famous Pacific Shipping is a 51% subsidiary of Rotterdam Harbour Holding B.V., whilst Tomas Kovanda owns the remaining 49%.