Singapore Post Limited (SGX:S08) entered into a sale and purchase agreement to acquire General Storage Company Pte. Ltd. for SGD 37 million in cash on December 22, 2012. The consideration consists of SGD 15.6 million for the shares of General Storage Company and SGD 21.4 million for the assignment of shareholder loans. The consideration is subject to certain earn-out adjustments after completion of deal. The consideration will be funded from the Singapore Post's internal resources.

General Storage Company reported net asset value of SGD 1.99 million for the year ended December 31, 2011. The transaction is subject to approval from the lessors and lenders of General Storage Company and is expected to complete in the fourth quarter of the financial year ending March 31, 2013.

Singapore Post Limited (SGX:S08) completed the acquisition of General Storage Company Pte. Ltd. on January 29, 2013. The consideration is adjusted, consideration for the share is SGD 14.49 million instead of SGD 15.6 million and consideration for loan is SGD 22.51 million instead of SGD 21.40 million.