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Creative in trouble - to sell it's singapore headquarters for 250 million
Creative Technology Ltd., a worldwide leader in digital entertainment products, today announced that the Company has signed a Memorandum of Understanding (MOU) with a buyer for the proposed sale and leaseback of the Creative Resource building, which houses the corporate headquarters of the Company and its subsidiaries in Singapore. The sale price for this proposed transaction is S$250 million (US$180 million), with a leaseback of the whole building for a period of five years with an option for additional periods of three and two years. The proposed sale and leaseback transaction is conditional upon and subject to certain conditions, including but not limited to, satisfactory completion of legal and building due diligence by the purchaser, the Company's shareholders' approval of the transaction, and applicable regulatory approvals. The proposed sale of the property constitutes a major transaction under Rule 1006 of the Singapore Exchange Securities Trading Limited Listing Manual and accordingly is subject
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