HSR Global buys Whitehouse Holdings

Incorporated in Singapore, Whitehouse is principally engaged in property leasing.

The Board of Directors of HSR Global Limited announced that the company had entered into a sale and purchase agreement with Hartawan Holdings Limited to acquire the entire issued and paid-up share capital of Whitehouse Holdings Private Limited.

Hartawan, a company listed on the Catalist board of the Singapore Exchange Securities Trading Limited, is the sole legal and beneficial owner of Whitehouse.

Whitehouse is currently holding, as tenant, a property located at No. 3 Lorong 6 Toa Payoh, Singapore 319379 under a tenancy agreement dated 7 October 2010 entered into between the Government of the Republic of Singapore care of the Singapore Land Authority and Whitehouse.

Under the tenancy agreement, Whitehouse was granted a tenancy of the property for a term of three years commencing from 1 October 2010. Upon expiry of the current term, Whitehouse has an option to renew the tenancy for a further term of three years, till 30 September 2016, subject to agreement with the Singapore Land Authority on the terms and rent of the renewed term.

Based on the audited financial statements of Whitehouse for the financial year ended 30 June 2012, the audited net loss before tax of Whitehouse was S$238,138, while the audited net asset value as at 30 June 2012 was S$2,195,307.

Whitehouse does not have other business operations and other property under its management currently.