HB Universal is a private limited company with an issued and paid-up share capital of 144.12 million shares. Fermium will own its stake in Elementum through HB Universal’s shares.
Ho Bee Land has agreed to sell a 49% stake in Elementum for $134.0 million, factoring in the agreed property consideration of $555 million. The consideration will be paid fully in cash.
A sale and purchase agreement (SPA) was signed between Ho Bee Land (SGX:H13
) ’s wholly-owned subsidiary, HB Universal, and Fermium 257 on Aug 8. HB Universal is a special purpose vehicle (SPV) which holds the property while Fermium 257 is a Singapore-incorporated company that represents the interest of a sovereign wealth fund.
