Matex International settles suit with OSK Power

15 Tuas View Square sale pushing through.

The board of Directors of Matex International Limited announced that the company has, without admission of liability, entered into a settlement agreement with OSK Power Pte. Ltd. in respect of the Suit in relation to a property located at 15 Tuas View Square, Singapore 637556.

In the terms of the Settlement Agreement, the company and the plaintiff shall proceed with the sale and purchase of the Property for a purchase price of S$6,800,000.00, on substantially the terms of the option, save that, inter alia, the sale and purchase shall be completed on 7 February 2014.

Also, the parties shall, on the date of execution of the Settlement Agreement, also execute the tenancy agreement in respect of the Tenanted Area, with the intention that the Tenancy Agreement shall be effective on the completion date.

OSK Power Pte. Ltd. shall also be entitled to deduct from the amount payable to Matex International a sum agreed between the parties, representing interest on the purchase price of the Property of S$6,800,000.00, calculated at 8% p.a. in line with the guidance provided by the Law Society’s Conditions of Sale 2012, for the period between 23 April 2013 and mid-day on 3 February 2014, being an aggregate amount of S$427,002.74.