Autoima Motors (08418) is affiliated with the proposed acquisition of five Nissan vehicles for SGD 556,000

Audima Automotive (08418) announced that on January 10, 2022, the company's indirect wholly-owned subsidiary Optima Carz Leasing Pte. Ltd entered into a car sale and purchase agreement with the vendor, Chen Sing Automobile Sales Pte Ltd, whereby the buyer agreed to purchase and the seller agreed to sell a total of five Nissan vehicles for a total consideration of S$556,000.

Companies have observed an increase in demand for car rental as an alternative to owning a car. In recent months, as Singapore has opened up quarantine-free travel to more countries, companies have also received numerous enquiries from expats and companies about short- and long-term car rentals.

Therefore, the Company plans to expand its rental fleet by purchasing more cars to develop short- and long-term leasing business. The Directors are of the view that the terms of the Car Sale and Purchase Agreement are normal commercial terms, fair and reasonable and that the conclusion of the Car Sale and Purchase Agreement is in the interests of the Company and its shareholders as a whole.