SINGAPORE Reinsurance Corporation has proposed to sell its stake in subsidiary INS Communications, a publishing and conference organisation company, for S$1.3 million in cash, the mainboard listed company said in a bourse filing on Monday.
Singapore Reinsurance holds an 85 per cent stake in INS, while Subramaniam Mokanasivam and Sheela Suppiah hold 10 per cent and 5 per cent respectively. The three sellers on Friday entered into a sale and purchase agreement for INS with Beacon International Group for a total consideration of S$1.5 million. The buyer publishesBusiness Insurance,The consideration was arrived at after arm’s length negotiations, taking into consideration INS's reserve fund amount and net tangible assets.
In addition, Beacon International will pay the sellers 75 per cent of INS's S$522,000 reserve fund at the completion of the proposed sale - with Singapore Resinsurance entitled to S$443,700 - and 25 per cent of INS's net profit after tax from FY21-24.
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