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Sheng Siong unit to acquire Jelita Property for $50.2m
It will fund the acquisition through internally generated funds.
Sheng Siong Group’s subsidiary, Sheng Siong Supermarket, will acquire Jelita Property for $50.2m.
Through a conditional sale and purchase agreement (SPA), Sheng Siong Supermarket will acquire 25,000,000 ordinary shares or 100% of the issued and paid-up capital of the real estate development company.
Sheng Siong will fund the acquisition through internally generated funds.
Jelita Property owns eight strata units at 2 First Street and holds a 78-year leasehold interest from 1 October 1992 for a unit at 181 Toa Payoh.
Sheng Siong said the vendor or shareholders of the company have also agreed to lease the eight strata units.
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