Hong Lai Huat shareholders OK disposal of HLHI and HLHA Cambodia

The sale is worth around $50.57m (US$37.5m).

SGX-listed Hong Lai Huat Group Limited said it has acquired 99.99% approval from its shareholder for the proposed sale of HLHI (Cambodia) Company Ltd. and HLH Agriculture (Cambodia) Co., Ltd.

The disposal of HLHI will be valued at $2.02m (US$1.5m), whilst the HLHA will have a price of $48.55m (US$36m).

Hong Lai Huat said the sale will strengthen its balance sheet and the deployment of the sale proceeds.

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“We are thankful to all our shareholders who came down this morning to vote for the sale of the Agriculture Division, this will allow the Group to restructure its businesses in Cambodia to become a full suite real estate and property developer moving forward,” said Executive Deputy Chairman and group CEO Ong Bee Huat.

US$1=S$1.34