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ANNAIK LIMITED
(Company Registration No. 197702066M)
(Incorporated in Singapore with limited liability)
SALE OF PROPERTY AT 48 GUL CRESCENT SINGAPORE 629542
The
Directors of ANNAIK Limited ("ANNAIK" or "Company") wish to
announce that the Company has granted to a third party an Option to Purchase in
relation to the property at 48 Gul Crescent Singapore 629542 ("the
Property") and the said third party has accepted the Option to Purchase
for the purchase of the Property and the existing fixtures and fittings in the
production area of the Property belonging to the Company at a price of
Singapore Dollars Three Million Four Hundred and Fifty Thousand
(S$3,450,000.00) (excluding Goods and Services Tax) on 8 April 2008, subject to
the existing tenancy over the Property.
The Property
consists of a JTC single-storey detached factory with a mezzanine ancillary
office level. The tenure of the Property is a leasehold estate for the
unexpired portion of a term of thirty (30) years commencing from 1 December
1992 ("the first initial term") with a covenant by Jurong Town
Corporation ("JTC") to grant a further term of thirty (30) years from
the expiry of the first initial term subject to the terms and conditions as
imposed by JTC. The Property has a land area of four thousand one hundred and
seven (4,107) square metres with a built-up area of one thousand nine hundred
and thirty-nine (1,939) square metres and is currently leased out to a tenant.
According
to the terms of the Option to Purchase, where an Enviromnental Baseline Study
("EBS") is not required by JTC, completion of the sale of the
Property shall take place on the date of expiry of twelve (12) weeks from 8
April 2008 or on the date of expiry of three (3) weeks from the date of JTC's
approval to the sale and purchase of the Property, whichever is the later.
Where an EBS is required by JTC, completion of the sale of the Property shall
take place on the date of expiry of four (4) weeks after JTC gives its
confirmation that the EBS has been completed.
On
completion of the sale of the Property, the above transaction is not expected
to have any significant impact on the results of the Company for the current
financial year. The proceeds from the sale of the Property will be used as
working capital of the Company.
None of the Directors of the Company has
any interest, direct or indirect, in the above transaction.
By Order of the Board
Ng Kim Keang
Director
Singapore,
8 April 2008
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