Dual-listed infrastructure construction and precast specialist Koon Holdings has announced the acquisition of a 51 percent share in GA Property Management, a privately held property investment holding firm, for S$3 million.
Koon made the acquisition through a subscription agreement, as well as a sale-and-purchase agreement.
“This acquisition is a synergistic addition to the group’s business model, which has been transformed to diversify its revenue base and accelerate recurring revenue growth,” said Koon in a statement.
Tan Thiam Hee, Managing Director and Chief Executive Officer of Koon, noted, “Leveraging on the extensive experience in construction works and network of GA Property in the real estate market, we will also explore property development opportunities to generate an additional revenue stream.”
“This is a step forward in our ability to create more value-propositions and bolster our infrastructure construction business activities,” Tan added.
Koon expects this acquisition to boost the company’s performance for the financial year ending 31 December 2011.
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