TEHO's Korea unit plans $2.95m acquisition of Busan warehousing facility

The company already made a down payment of $295,000 to the vendor. 

TEHO Ropes Korea (TEHO Korea), a subsidiary of SGX-listed TEHO International, plans to acquire a warehousing facility in Busan, South Korea, for $2.95m (KRW 2.95b). 

TEHO International, however, noted that there is no certainty or assurance that the completion of the proposed acquisition will materialise.  

TEHO Korea is acquiring the asset from South Korean citizen Park Gyu-jin.  

In a bourse filing, TEHO International stated that its subsidiary has already made a down payment of $295,000 (KRW 295m) to Park.  

Should Park revoke the property sales contract before TEHO Korea pays the balance, he must reimburse the company twice the amount of the down payment. TEHO Korea will pay the $2.65m (KRW 2.655b) balance by 30 October.