The Corporate Practice Group of Harry Elias Partnership LLP has advised the founders and shareholders of Fair Breeze Trading Pte. Ltd in the sale of a 60% equity interest in the Company to Singapore-listed, Vibrant Group Limited for a consideration of approximately S$7.7 million. Fair Breeze Trading Pte. Ltd. is one of Singapore's leading suppliers of duty-free alcoholic beverages and tobacco products to ship chandlers, cruise liners and other maritime customers.
The transaction was structured to facilitate a strategic investment into Fair Breeze Trading Pte. Ltd. and to diversity the Vibrant Group's existing business operations. The legal team advised on the negotiation, drafting and execution of the share sale and purchase agreement, shareholders' agreement, disclosure letter, employment agreements and completion deliverables. The transaction involved coordinating multiple stakeholders and negotiating key commercial terms relating employment arrangements of key personnel, profit guarantee mechanisms, call and put option arrangements and completion logistics.
Partner Huang Zhihao led the transaction, ably assisted by Associate Pang Wenn Ler.