Tee Land to acquire Ley Choon's real estate arm

The purchase consideration sits at $11.5m.

As the Singapore-listed Ley Choon Group Holdings Ltd entered debt restructuring plan with its lenders, regional real estate developer Tee Land acquires its real estate's arm.

According to Ley Choon, Tee Land has entered into a conditional sale and purchase agreement with Ley Choon Constructions and Engineering Pte Ltd. The real estate developer is eyeing to purchase more than 8.7 million shares of Ley Choon Development Pte. Ltd for a consideration of $11.5 million.

Ley Choon expects to receive net proceeds of approximately $9.93 million. Some of the proceeds will be used to repay borrowings under the debt-restructuring plan.

The purchase is expected to take place by the end of November.