Sysma Holdings Limited plans to acquire a 100 percent stake in De Paradiso Development, a private Singapore investment holding company that owns two sites at Serangoon.
The proposed acquisition will entitle the company to full ownership of the sites, with a price consideration of S$35 million.
“Following our purchase of properties in Race Course Lane recently, we are pleased to announce our proposed acquisition of De Paradiso. This proposed acquisition is in line with the Group’s existing business strategy and future plans. We will continue to embark on other similar ventures when the opportunity arises,” said Sin Soon Teng, Executive Chairman and CEO of Sysma Holdings (pictured).
The acquisition will be funded through internal funds and/or bank borrowings.
The sale will not have any material effect on Sysma’s net tangible assets per share or consolidated earnings per share for the full year ending 31 July 2013.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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