Vibrant Group enters JV agreement for $10.3 mil investment in China logistics company

SINGAPORE (March 30): Vibrant Group, the provider of integrated business solutions in Singapore, has entered into a joint venture agreement with Figtree Developments (FDPL) to subscribe for an overall 51% stake in China-incorporated logistics company Pucheng for a total sum of RMB51 million ($10.3 million) by means of a new shares placement.

The purchase consideration represents a 9.05% premium over the share of Pucheng’s net asset value of RMB91.7 million as at Dec 31, 2016.

According to its SGX filing on Thursday evening, Vibrant will subscribe for a 31% stake in the enlarged share capital of Pucheng for RMB31 million, while FDPL will hold another 20% stake for RMB20 million.

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