Incredible Holdings believes it is not necessary for a valuation exercise to be done for the planned acquisition of a retail business in Denmark, as the target has yet to start operating and therefore, there’s no historical track record to form the basis of the valuation. 

Incredible was responding to a lengthy series of queries by the SGX RegCo, following the company’s June 9 announcement that it plans to buy a Danish company selling watches, gold, silver and other jewellery in an all-cash deal of DKK5,200,000, or around $1.128 million. Upon completion, Incredible expects to book a goodwill of $1.1 million.

The target company, HB 2021 ApS, is operating out from a 473 sqm space in Copenhagen, Denmark, and is desired by Incredible as it can “explore and/or expand its trading of luxury goods business in Denmark to enhance its future value.”

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