16 August 2023
The Club's Extraordinary General Meeting was held on 15 August 2023 where a resolution has been submitted:
1. To approve the proposed Memorandum of Understanding (“MOU”) to be entered between the Equestrian Federation of Singapore ("EFS") and the Singapore Polo Club ("SPC").
2. To authorise the Committee to negotiate, enter into and execute a licence agreement and a service agreement with EFS on terms to be agreed between the Committee and EFS and which shall capture the terms and conditions set out in the MOU, in particular:
2.1 SPC shall pay to EFS a sum of SGD2.3 million including any applicable stamp fees & GST in advance in return for uninterrupted use of 72 boxes and current auxiliary facilities and shared use of a Stick & Ball
Arena at NEP for a term of 10 years from 4 August 2024 as the extension of the abovementioned
State Lease provides;
2.2 Separately, SPC shall donate to EFS SGD1.2 million spread annually over 10 years, as set out under
Clause 2 (1) (e) of the MOU.
2.3 EFS shall appoint SPC as the service provider in relation to the management and operation of the NEP for a term of 10 years from the extension of the above-mentioned land lease with SPC entitled to a share of net surplus.
The Resolution was voted upon with all in favour.
Click here for the Voting Results.
Honorary Secretary
BY ORDER OF THE COMMITTEE