Commercial & Industrial Property News Update

Singapore - Koon Holdings To Buy Four Properties In Johor Bahru

August 6, 2012

The deal is estimated to be valued at SGD 17 million (RM 42.5 million), and will be financed through a rights-issue exercise.

A Singapore-listed investment holding company, Koon Holdings, will be acquiring four properties in Johor Bahru, Malaysia through a transaction estimated to be worth SGD 17 million.

The group plans to develop commercial properties for sale from the four acquired properties, a project that will include the Group's various construction, design and engineering business arms. Koon also said that the properties are owned by two of the company’s controlling shareholders and their family members.

The acquisition will be financed through a proposed three-for-five rights share issue, which aims to raise between SGD 17.7 million and SGD 18.4 million, said the company. This will be achieved via the sale of about 98.5 million new shares at 19 cents each. The rights issues will be carried out under non-underwritten, non-renounceable terms, it added.

However, the rights issues will be offered on a limited basis; only shareholders with registered addresses in Singapore, Australia and New Zealand will be invited to the shares.

On the choice to restrict the rights issues, Koon said that the decision was made following a review of the number of shareholders outside the three countries and the compliance cost needed to extend the rights issues to shareholders in those countries.

A general meeting will be held to seek approval for the acquisition and rights issues from independent shareholders.

Tags: Office for lease, Commercial real estate

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