It calls this a chance to own a strategically located commercial premises for its own use and/or for investment
[SINGAPORE] Samudera Shipping Line has acquired Crest10, a DBS property holding company, for S$21 million, it announced on Wednesday (Jul 1).
It entered into and completed a sale-and-purchase agreement with DBS Bank for the purchase of 19,500,001 ordinary shares in the capital of Crest10, representing 100 per cent of its entire issued and paid-up share capital, the maritime and logistics company said.
Crest10’s principal asset is a property comprising strata commercial units located at 6 Raffles Quay, where Samudera Shipping Line’s registered office sits.
“The acquisition represents an opportunity for the group to secure ownership of strategically located commercial premises for its own use, and/or as a long-term investment property,” it said.
Based on Crest10’s audited accounts for the financial year ended Dec 31, 2025, the book value of the property was about S$18.9 million, and the net tangible asset value represented by the sale of the shares was about S$19.4 million.
The fair value of the property was S$21 million as at last Dec 31, determined on a direct-comparison basis.
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The acquisition is not expected to have a material impact on the consolidated net tangible assets per share or the consolidated earnings per share of the group for the 2026 financial year.
The counter closed flat at S$0.96 on Wednesday, before the announcement.
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