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Low Keng Huat (Singapre) Ltd's East Peak Development Pte. Ltd Announces Acquisition Of Newfort Alliance (Kismis) Pte. Ltd And Property

Monday, 8 Apr 2013 05:18am EDT 

Low Keng Huat (Singapre) Ltd announced that East Peak Development Pte. Ltd. (Eastpeak), a wholly-owned subsidiary of LKHS, has subscribed for 700,000 ordinary shares in the share capital of Newfort Alliance (Kismis) Pte. Ltd (Kismis) at a total subscription amount of SGD700,000.00 (the Subscription) on April 05, 2013. Kismis is a newly-incorporated Singapore company and is the joint venture company for Newfort Land Pte. Ltd. (Newfort) and Eastpeak to undertake the collective purchase (the Acquisition) and redevelopment of the Property (as defined below). Eastpeak has 70% equity interest while Newfort has 30% equity interest in Kismis (Shareholding Proportion). Eastpeak and Newfort have injected capital by way of cash in the sum of SGD1,000,000.00 into Kismis in accordance with the Shareholding Proportion. The paid-up share capital of Kismis is SGD1,000,000.00 comprising 1,000,000 ordinary shares, of which 700,000 ordinary shares held by Eastpeak and 300,000 ordinary shares held by Newfort. Following the Subscription, Kismis has become a subsidiary of the Company and Eastpeak and Newfort will enter into a joint venture agreement. The Company also announced that acquisition Of property comprised in strata title no. 133 in the development known as Kismis Lodge situated on the whole of Land Lot 1305L of Mukim 5 (Property) for SGD84.18 million (purchase price). 

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0.0050 +0.68%
30 Jan 2015