OEL to splurge $53.9m on acquisition of two property firms in Singapore

Here are the target companies.

In a release, OEL Limited announced that it has entered into a conditional and binding Heads of Agreement with Corporate Space Pte. Ltd. and its ultimate holding company Heng Fai Enterprises Limited, for the proposed acquisition of two property investment companies in Singapore.

The Target Companies are Singapore Service Residence Pte Ltd and Expats Residences Pte Ltd. Both companies are wholly-owned subsidiaries of the Vendor.

Heng Fai Enterprises Limited is a company incorporated in Hong Kong and listed on the Stock Exchange of Hong Kong with a current market capitalization of approximately HK$1.3 billion.

The Consideration of S$53.9 million shall be satisfied by way of payment of S$10 million in cash and issuance by the Company of S$43.9 million of secured convertible bonds to the Vendor.

OEL lifted its trading halt this morning. At 11.00am, OEL was the most actively traded stock. Its share price increased to 13.0 cents from 12.4 cents before the trading halt.

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