TVS Motor Company’s subsidiary TVS Motor (Singapore) Pte Ltd has acquired an additional 25% stake in Swiss E-Mobility Group (SEMG). SEMG is presently a subsidiary of TVS Motor (Singapore) Pte Ltd. Previously, TVS Singapore had acquired a 75% stake in SEMG on 27 January 2022. After the completion of the latest acquisition, SEMG will become a wholly-owned subsidiary of TVS Motor (Singapore) Pte Ltd.
TVS Motor Company Limited has disclosed information regarding the acquisition of shares in Swiss E-Mobility Group (Holding) AG (SEMG) under Regulation 30 of the Listing Regulations. The key details of the disclosure are as follows:
Target Entity: Swiss E-Mobility Group (Holding) AG (SEMG)
- SEMG is a fully integrated e-bike platform involved in the purchase and resale of own-branded and third-party branded e-bikes and spare parts.
- It operates retail and online stores in Switzerland and Germany, with a network of 34 retail stores in Switzerland and 2 stores in Germany.
- SEMG generated a turnover of CHF 64.62 Million in 2022.
Objects and Effects of Acquisition:
- Previously, TVS Motor (Singapore) Pte Ltd (TVS Singapore) acquired a 75% stake in SEMG on 27 January 2022.
- The Minority Shareholders of SEMG exercised their Put Option to sell their remaining 25% stake to TVS Singapore.
Indicative Time Period: The acquisition was completed on 9 June 2023.
Cost of Acquisition: The shares are acquired at a price of CHF 517.36 per share.
TVS Singapore will acquire 25% of the total shareholding, equivalent to 38,217 common equity shares, which amount to over INR 180.29 crores.
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