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Methodist Co-operative Society Ltd
(In Liquidation)

(UEN No. S95CS0216K)
c/o Technic Inter-Asia Pte Ltd,
50 Havelock Road #02-767 Singapore 160050

1 March 2023

Via Co-operative’s website
(https://www.methodistcoop.org.sg/latest-news)


To the Members of Methodist Co-operative Society Limited

Dear Sir / Madam

Methodist Co-operative Society Limited (In Liquidation) (the “Co-operative”)

We refer to the above matter and our first letter dated 16 December 2022 (“1st Letter”).

As you would be aware from our 1st Letter, the Co-operative has been voluntarily dissolved by Members’ decision taken at an Extra-Ordinary General Meeting of the Co-operative held on 31 August 2022 and Mr Lau Chin Huat and Mr. Yeo Boon Keong, both of Technic Inter-Asia Pte Ltd, have been appointed Liquidators of the Co-operative on 20 September 2022 (the “Liquidators”). The Liquidators have since been taking steps to administer the orderly dissolution of the Co-operative and wish to provide Members with an update of their efforts to-date.

Sale of entire share capital and business of Hosanna Bereavement Services Pte Ltd (“HBSPL”)
In our 1st Letter, the Liquidators had informed Members of the intended tender sale of the entire share capital and business of HBSPL, a wholly owned subsidiary of the Co-operative. After advertising the sale of HBSPL, including by way of newspaper advertisements in the Straits Times on 16 December 2022 and the Business Times on 3 January 2023, as well as direct invitations sent to Members (by post, email and the Co-operative’s website) and to the Association of Funeral Directors Singapore (by post), the Liquidators received several expressions of interest.

The Liquidators followed up with all tender bids received and eventually entered into a sale and purchase agreement for the sale of the entire share capital and business of HBSPL to the highest bidder which was completed on 1 March 2023. Prior to this sale of business, the Liquidators had obtained a professional valuation of the business of HBSPL and are satisfied that the sale of HBSPL exceeds the professional valuation obtained.     

The Way Forward
In the next few months, the Liquidators intend to complete the administration and orderly dissolution of the Co-operative – which includes the liquidation or striking off of the Co-operative’s remaining subsidiaries. Following that, the distribution of the final dividend and refund of share capital to qualifying Members, and finalising the Co-operative’s liquidation accounts. The Liquidators target to complete these matters by year end.

As soon as the administrative matters concerning the dissolution of the Co-operative are completed, the Liquidators will be in touch with you on the distribution of the final dividend within the next 3 months and refund of the Co-operative's share capital to you towards end of 2023. In this regard, if you have not confirmed your particulars at https://www.methodistcoop.org.sg/dissolution/, the Liquidators will be grateful if you could do so as soon as possible.

We seek your patience and understanding in the process. For the latest updates and developments, please refer to announcements which will be made on https://www.methodistcoop.org.sg/latest-news periodically.

Should you require any clarification, please contact Ms Lim Si Ting / Mr Anthony Lum at This email address is being protected from spambots. You need JavaScript enabled to view it..


Yours faithfully

For and on behalf of
Methodist Co-operative Society Limited (In Liquidation)
Yeo Boon Keong
Joint and Several Liquidator

Enclosures

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Acts 10:32 - "Send therefore to Joppa, and call hither Simon, whose surname is Peter; he is lodged in the house of one Simon a tanner by the sea side: who, when he cometh, shall speak unto thee."

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