United Engineers Limited said StarChase Motorsports (Singapore) has agreed to acquire the entire issued and paid-up share capital in each of Wearnes Automotive and Associated Motor Industries from its 67.6% owned subsidiary, WBL Corporation.
StarChase a member of the StarChase group of companies which is a distributor and retailer of premium automobiles in some of Asia’s most populous regions. The consideration for the proposed disposal is $455 million on a debt-free, cash-free basis.
The deal also includes an asset purchase agreement by WBL’s associated company incorporated in Thailand, Rank P.T. O’Connor’s Co. to sell and transfer certain assets relating to the automotive business to StarChase.
StarChase has also been given the right, title and interest to certain trade marks relating to the WBL Automotive Division and the “Wearnes” name.
Wearnes Automotive has three wholly-owned subsidiaries and one 42%-owned associated company in Singapore, three wholly-owned subsidiaries in Malaysia, one wholly-owned subsidiary in China, one wholly-owned subsidiary in Hong Kong, one 90%-owned subsidiary, one 42%-owned associated company and one 50%-owned associated company in Indonesia and one 49%-owned associated company in Vietnam. AMI is a Singapore incorporated wholly-owned subsidiary of WBL Corporation.
The WBL Automotive Division is a luxury automotive retailer and an importer, distributor and dealer for a range of premium passenger vehicles in Singapore, Malaysia, Greater China, Thailand, Indonesia and Vietnam. The WBL Automotive Division specialises in the retailing and distribution of car brands such as Bentley, BMW, Infiniti, Jaguar, Land Rover, Mazda, McLaren, Mini, Renault, Volkswagen and Volvo.
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