SingPost to pay additional $1.7m over arbitration proceedings
The arbitration was commenced by Tan Ho Sung against SingPost.
Singapore Post Limited (SingPost) revealed that they will pay $1.7m more to Tan after the final valuation of set by the tribunal is now at $61.7m.
This takes into account that SingPost previously paid the $60m amount to Tan.
The arbitration stemmed from a dispute between SingPost and Tan over a share purchase agreement and shareholders’ deal linked to Famous Holdings Pte Limited and its subsidiaries.
Specifically, the transfer of Tan's remaining 37.5% of the shares in FHPL to SingPost following the exercise of his put option for those shares.
“As there were differences between the parties on the final valuation of FHPL, Tan had commenced arbitration proceedings against the SingPost,” read the bourse filing.
SingPost said the completion of the transfer of the Option Shares is fixed for 22 September 2023.
Meanwhile, SingPost assured that this will not impact the company’s net tangible assets.
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