Ban Fook has a net asset of $1.84m in 2023.
Singapore-listed pawnbroker ValueMax Group announced its acquisition of 100% of the issued and paid-up share capital, totaling 3,030,000, of pawnshop operator Ban Fook Pawnshop Pte. Ltd for a total consideration of $1.75m.
The acquisition will be fully paid in cash on the date of the completion of the acquisition. However, the acquisition is on the condition that Ban Fook obtain approval from the Registrar of Pawbrokers for the transfer of all the pledges held at its outlet in Woodlands Avenue to premises nominated by ValueMax.
Ban Fook will also need to terminate its lease with the Housing & Development Board at the said outlet and reinstate the premises before returning it to HDB whilst making all the payment of penalties imposed by the HDB.
The audited net asset value of Ban Fook for the year ended 31 December 2023 was S$1.84m.
