Incredible Holdings is buying a Danish company selling watches, gold, silver and other jewellery in an all-cash deal of around DKK5,200,000, around $1.128 million.
The target company was incorporated around six months ago on Dec 2 2020. It has a registered capital of DKK40,000, or around $8,600.
Upon completion of the purchase, Incredible will assume goodwill of around $1.1 million.
The target company, as at April 30 2021, is in net liabilities of DKK23,262, around $5,000.
In its SGX filing announcing the acquisition, Incredible also provided details such as the location and size of the store where the target company is operating out from: a 473 sqm space at Bredgade 19, 1260 Copenhagen, Denmark.
The filing also described how the store is “top secured with armor and bulletproof windows, security lock and alarms, monitoring by CCTV, 3 large safety boxes for valuable values” and that the rental of the store is around $247,000 a year.
Meanwhile, the identities of the two sellers - two privately-held entities registered in Denmark - are known simply as “Wingfort” and “LHA”.
According to Incredible, none of its directors or substantial shareholders have any interest, direct or indirect, in the proposed acquisition.
According to Incredible, the acquisition price was “arrived at after arms’ length negotiations” on a “willing seller and willing buyer basis” and has taken into consideration “the renovation, security system installed and a good location of the store” leased by the target company.
No valuation was conducted in relation to the proposed acquisition.
Incredible’s executive director, Christian Kwok-Leun Yau Heilesen, is known to be from Denmark. He controls Incredible via an entity called Mission Well, which holds 57.11% of the shares.
Heilesen was in the news recently for ousting the old board of another SGX-listed company Ntegrator International, and he now wears another hat as the executive director there as well.
Incredible shares as at 11am on June 10, traded at 0.6 cent valuing the company at around $18 million.
Ntegrator shares closed June 9 at 1.4 cents, up 7.69%.
