First Sponsor's (SGX:ADN) indirect wholly owned subsidiary, Ps 46.10, entered into a share purchase agreement with Clearance Capital for the acquisition of 920,839 shares in the capital of Euronext Amsterdam-listed Dutch real estate company NSI, a filing with the Singapore Exchange said on Wednesday.
The shares represent about 4.57% of the total issued and outstanding shares of NSI. The aggregate consideration for the acquisition is 18.9 million euros.
First Sponsor Group holds approximately 17.45% of NSI's capital as of Wednesday. Its shareholding will grow to 22.02% post transaction.
The acquisition allows the property developer to expand its presence in the Dutch real estate market.
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