Jackspeed plans sale of business and assets, liabilities to CEO for S$48m

JACKSPEED Corporation is looking to sell its entire business as a going concern, as well as all its assets and liabilities to executive deputy chairman and CEO Yap Kian Peng for S$48 million in cash.

This will be considered an interested person transaction and a major transaction, and thus requires approval of shareholders first. Based on the group's latest unaudited consolidated financial statements for FY19, net profit after tax attributable to Jackspeed's business and the business assets for sale is about S$5.8 million.

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