Top Global increases stake in 5Footway Founders to 83.75%

By
/ EdgeProp
|
December 13, 2017 5:30 PM SGT
Singapore property developer Top Global announced on Dec 11 that is acquiring an additional 32.5% interest in Singapore-incorporated hospitality management firm 5Footway Founders for $800,000. This increases Top Global’s stake in 5Footway from 51.25% to 83.75%.
Top Global and other 5Footway shareholders agreed on the price, after taking into account, among other factors, the net tangible assets value of the additional 32.5% interest. As at Oct 31, that stands at $960,000 – based on management accounts of 5Footway.
5Footway owns and manages its own hostel chain under the brand 5footway.inn, and manages other hostels, hotels and serviced residences in Singapore, China and Japan. Top Global says the move is “consistent with its plans to develop and grow in the hospitality management business”.
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(Credit: 5Footway Founders)