Hong Fok Corporation says its wholly-owned subsidiary, Super Homes, has been granted the options to purchase the titles for several properties from third party vendors.
The properties, which are situated at 360 Orchard Road, include several units at International Building. Units #01-02, #01-03 and #01-04 have a purchase consideration of $16,642,000, while units #01-05 and #01-06 have a purchase consideration of $11,158,000.
International Building, a 12-storey building, comprises offices, shops and restaurants. Yat Yuen Hong Company, a wholly-owned subsidiary of the group, currently owns 100% of the interest in the land lot on which International Building is situated.
Upon completion of the proposed acquisition, the group will own all of the units in International Building.
The proposed acquisition is set to be funded through both internal resources and external borrowings.
The proposed acquisition is not expected to have any material impact on the net tangible assets and earnings per share of the group for the current financial year ending Dec 31.
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Shares in Hong Fok Corporation closed flat at 83 cents on Dec 4.
