Creative Technology sold their HQ building

Posted on 21st April 2008 by gamerzclash in Information,Gadgets

creative_building.jpg

I used to be an avid customer of Creative. Although my new laptop does not have a Creative sound card (in fact, I haven’t heard of anyone using a sound card for that matter these days), my desktop still has Creative’s Sound Blaster Live! which I have favoured over the in-build sound device in the motherboard. SB Live! still works for my gaming needs (and they are few), and that card is still working even though it was bought in 2003.

Which is why it came as quite a shock to me to read the news that Creative had sold their HQ building in Singapore.

Creative Technology Ltd., a worldwide leader in digital entertainment products, today announced that the Company has signed a Memorandum of Understanding (MOU) with a buyer for the proposed sale and leaseback of the Creative Resource building, which houses the corporate headquarters of the Company and its subsidiaries in Singapore photoshop cs5 online.

The sale price for this proposed transaction is S$250 million (US$180 million), with a leaseback of the whole building for a period of five years with an option for additional periods of three and two years.

The proposed sale and leaseback transaction is conditional upon and subject to certain conditions, including but not limited to, satisfactory completion of legal and building due diligence by the purchaser, the Company’s shareholders’ approval of the transaction, and applicable regulatory approvals.

The proposed sale of the property constitutes a major transaction under Rule 1006 of the Singapore Exchange Securities Trading Limited Listing Manual and accordingly is subject to shareholders’ approval at an Extraordinary General Meeting of the Company (EGM) to be convened at a later date. A circular to the Company’s shareholders, together with notice of the EGM, will be dispatched to shareholders in due course. The circular will contain more details of the proposed transaction.

The proposed transaction is expected to be completed by the end of June 2008.

So is this the beginning of the end for Creative?

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