FS NL Holdings B.V. , entered into a share purchase agreement to acquire 10.7% stake in NSI N.V. (ENXTAM:NSI) from ICAMAP Sarl for approximately ?43 million on May 3, 2024. The aggregate consideration payable by the Group for the Sale Shares is ?42.919 million (SGD 62.490 million), or ?20 (SGD 29.12) per Sale Share. The Consideration was arrived at based on arm?s length negotiations between FSNL and the Seller on a willing-buyer and willing-seller basis, taking into account NSI?s underlying property portfolio, current property market conditions in The Netherlands, historical and current results of NSI, and its historical dividends. FS NL Holdings will acquire 2,145,960
shares in the capital of NSI N.V. First Sponsor Group Limited, the parent company of FS NL Holdings, through another wholly-owned subsidiary, already holds 579,147 shares in NSI, representing approximately 2.87% of the total issued and outstanding ordinary shares of NSI. Upon completion of the agreement, the Group will hold an aggregate of 2,725,107 shares, representing approximately 13.52% of the total issued and outstanding ordinary shares of NSI. The acquisition will be funded by the Group?s existing cash resources and committed credit facilities. The consideration will be payable to the Seller in full in cash at completion. The completion of the transaction is currently expected to take place on or about May 10, 2024.