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Announcement Details :
1. INTRODUCTION
The Board of Directors of Focus Point (“Board”) wishes to announce that FPVCG had on 3 December 2010 disposed 70,000 ordinary shares of SGD1.00 each representing its entire 20% equity interest in Seen@International Pte. Ltd. (“Seen@International”) to Per Ola Eskil Friberg (the sole remaining shareholder of Seen@International) for a total consideration of SGD60,000.00 (“Disposal of Shares”).
2. BASIS OF ARRIVING AT THE SALE CONSIDERATION AND LIABILITIES TO BE ASSUMED
The sale consideration was arrived at on a willing buyer-willing seller basis after taking into consideration the book value of its investment based on the latest management financial statements of Seen@International as at 30 September 2010.
There is no liability to be assumed by Focus Point in connection to the Disposal of Shares.
3. RATIONALE FOR THE DISPOSAL OF SHARES
In view that Seen@International does not directly promote the “Focus Point” brand name in Singapore and the Company does not have a controlling interest in the loss-making Seen@International, the Disposal of Shares allows Focus Point to exit its loss-making venture and it is the intention of the Company to re-enter the Singapore market with the “Focus Point” brand name as part of its expansion strategy.
4. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS
None of the Directors, major shareholders of the Company and/or persons connected with them has any interest, direct and/or indirect in the Disposal of Shares.
5. FINANCIAL EFFECTS
The Disposal of Shares is not expected to have any material impact to the earnings per share and net asset per share of Focus Point for the financial year ending 31 December 2010.
6. DIRECTORS’ STATEMENT
The Board is of the opinion that the Disposal of Shares is in the best interest of the Company.
This announcement is dated 3 December 2010.
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