Toyota Financial Services Singapore purchases sgCarMart for $150 million
25 Feb 2022|3,360 views
A consortium led by Toyota Financial Services Singapore Pte Ltd (TFSSG) has purchased a 100% stake in SGCM Pte Ltd from Singapore Press Holdings Limited (SPHL) for $150 million.
This consortium is made up of three companies, led by majority shareholder TFFSG, which will hold 76% of the shares in SGCM. Supporting this move are two minority partners Toyota Tsusho Asia Pacific Pte Ltd and Phillip Binter Pte Ltd.
The all-cash deal also includes SGCM's intellectual property and its subsidiaries, Quotz Pte Ltd, Singapore's leading consumer-to business online car auction platform, and Quotz (Taiwan) Pte Ltd, but will exclude its financial services arm. The acquisition by TFSSG will be completed on 28th February 2022. SPHL first bought SGCM Pte Ltd for $50 million in 2013.
Mr. Vinod Cherumadathil, Managing Director and CEO of TFSSG, said of the purchase, "We respect and recognise SGCM's achievements within the automotive online space. Singapore can be truly proud of this digital icon and we are committed to utilising our know how and resources to further strengthen SGCM in and beyond Singapore. With the combined strengths and resources of our partners, we look forward to new opportunities to enable accelerated growth for SGCM and elevation to the next level."
This consortium is made up of three companies, led by majority shareholder TFFSG, which will hold 76% of the shares in SGCM. Supporting this move are two minority partners Toyota Tsusho Asia Pacific Pte Ltd and Phillip Binter Pte Ltd.
The all-cash deal also includes SGCM's intellectual property and its subsidiaries, Quotz Pte Ltd, Singapore's leading consumer-to business online car auction platform, and Quotz (Taiwan) Pte Ltd, but will exclude its financial services arm. The acquisition by TFSSG will be completed on 28th February 2022. SPHL first bought SGCM Pte Ltd for $50 million in 2013.
Mr. Vinod Cherumadathil, Managing Director and CEO of TFSSG, said of the purchase, "We respect and recognise SGCM's achievements within the automotive online space. Singapore can be truly proud of this digital icon and we are committed to utilising our know how and resources to further strengthen SGCM in and beyond Singapore. With the combined strengths and resources of our partners, we look forward to new opportunities to enable accelerated growth for SGCM and elevation to the next level."
A consortium led by Toyota Financial Services Singapore Pte Ltd (TFSSG) has purchased a 100% stake in SGCM Pte Ltd from Singapore Press Holdings Limited (SPHL) for $150 million.
This consortium is made up of three companies, led by majority shareholder TFFSG, which will hold 76% of the shares in SGCM. Supporting this move are two minority partners Toyota Tsusho Asia Pacific Pte Ltd and Phillip Binter Pte Ltd.
The all-cash deal also includes SGCM's intellectual property and its subsidiaries, Quotz Pte Ltd, Singapore's leading consumer-to business online car auction platform, and Quotz (Taiwan) Pte Ltd, but will exclude its financial services arm. The acquisition by TFSSG will be completed on 28th February 2022. SPHL first bought SGCM Pte Ltd for $50 million in 2013.
Mr. Vinod Cherumadathil, Managing Director and CEO of TFSSG, said of the purchase, "We respect and recognise SGCM's achievements within the automotive online space. Singapore can be truly proud of this digital icon and we are committed to utilising our know how and resources to further strengthen SGCM in and beyond Singapore. With the combined strengths and resources of our partners, we look forward to new opportunities to enable accelerated growth for SGCM and elevation to the next level."
This consortium is made up of three companies, led by majority shareholder TFFSG, which will hold 76% of the shares in SGCM. Supporting this move are two minority partners Toyota Tsusho Asia Pacific Pte Ltd and Phillip Binter Pte Ltd.
The all-cash deal also includes SGCM's intellectual property and its subsidiaries, Quotz Pte Ltd, Singapore's leading consumer-to business online car auction platform, and Quotz (Taiwan) Pte Ltd, but will exclude its financial services arm. The acquisition by TFSSG will be completed on 28th February 2022. SPHL first bought SGCM Pte Ltd for $50 million in 2013.
Mr. Vinod Cherumadathil, Managing Director and CEO of TFSSG, said of the purchase, "We respect and recognise SGCM's achievements within the automotive online space. Singapore can be truly proud of this digital icon and we are committed to utilising our know how and resources to further strengthen SGCM in and beyond Singapore. With the combined strengths and resources of our partners, we look forward to new opportunities to enable accelerated growth for SGCM and elevation to the next level."
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