The corporate and financial services practice group of Harry Elias Partnership acts for Tanglin Cars Pte. Ltd., an authorised reseller of, among others, used BMW and Ford cars in Singapore, in the on-going sale of its 40% shareholding in Performance Premium Selection Ltd (“PPSL”) to Performance Motors Limited (part of the Sime Darby Motors Group). The parties have entered into a sale and purchase agreement on 1 July 2021 and, subject to the fulfilment of certain agreed conditions, the transaction is scheduled to be completed in November 2021, making Sime Darby Motors the sole owner of PPSL after completion. As reported in the Straits Times on 2 July 2021, the Sime Darby Motors Group sees the acquisition as “part of [its] strategy to grow the pre-owned car business”.
Partner Derick Ting and Senior Associate Tan Tien Wei are advising on the transaction.