Net Pacific Financial Holdings Issues Correction to Acquisition Announcement: Key Details for Investors
Summary of Events
Net Pacific Financial Holdings Limited (“Net Pacific” or the “Company”) has issued a formal corrigendum relating to its earlier announcement on the application for an extension of time to comply with several key rules (707(1), 707(2), 711A, and 705(2)(d)) of the Singapore Exchange Securities Trading Limited (SGX-ST) Catalist Rules. This correction is crucial for shareholders, as it clarifies the timeline of a significant corporate acquisition that may impact the Company’s financial performance and future direction.
Key Points for Investors
- Correction of Acquisition Completion Date: The Company had previously misstated the date of completion for the acquisition of 51% of Saint Pearl Travel Products (Guangdong) Co., Ltd (“Saint Pearl”). The corrected date is 10 May 2024, not 10 May 2025 as previously announced.
- Nature of Acquisition: The acquisition of Saint Pearl marks Net Pacific’s diversification into the research, design, production, and sale of travel hard cases within the People’s Republic of China (PRC), signifying entry into the lucrative luggage business sector.
- Goodwill Impairment Assessment: The corrigendum relates to the timing of the goodwill impairment assessment, which is sensitive for investors monitoring the Company’s balance sheet and post-acquisition performance.
- Regulatory Compliance: Net Pacific is seeking an extension to comply with SGX Catalist Rules concerning timely disclosures and reporting, which may affect the timing of financial results and other key corporate updates.
- Board Statement: The correction does not affect any other information in the previous announcement, meaning all other details and intentions of the Company remain unchanged.
- SGX-ST Disclaimer: The announcement was reviewed by the Company’s sponsor, PrimePartners Corporate Finance, but has not been approved by the Singapore Exchange, which assumes no responsibility for its contents.
Price-Sensitive Implications
This correction is potentially price-sensitive for several reasons:
- Acquisition Date Accuracy: The timing of the acquisition impacts the period in which the financial effects are recognised. Investors tracking revenue, profitability, and goodwill impairment will need to adjust their models to reflect the correct date.
- Business Diversification: Entry into the travel hard case market in China could open new revenue streams and alter the risk profile of Net Pacific, affecting valuation multiples and investor outlook.
- Compliance Extension: Any delays in compliance or reporting could affect investor confidence regarding transparency and regulatory risk.
Shareholders should monitor subsequent disclosures on the integration and financial performance of Saint Pearl, as well as updates on meeting SGX-ST requirements.
Full Statement from the Board
By Order of the Board, Net Pacific Financial Holdings Limited
Ong Chor Wei @ Alan Ong, Chief Executive Officer and Executive Director
8 October 2025
Contact Information
PrimePartners Corporate Finance Pte. Ltd.
Contact Person: Ms. Foo Jien Jieng
16 Collyer Quay #10-00 Collyer Quay Centre, Singapore 049318
Email: [email protected]
Disclaimer
This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult professional advisors before making investment decisions. The Singapore Exchange has not examined or approved the contents of this announcement and assumes no responsibility for its accuracy.
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