As at March 31, Tung Lok’s latest audited NTA stood at $15.1 million.
The Clan Hotel is owned by China Classic, which in turn is 50% beneficially owned by Philip Ng. Ng is a controlling shareholder of Tung Lok as he has a controlling interest in Goodview Properties, which in turn holds a 19.69% stake in Tung Lok.
As such, the tenancy agreement constitutes an interested person transaction (IPT) according to Chapter 9 of the Singapore Exchange (SGX) Catalist rules.
Shares in Tung Lok closed unchanged at 9.5 cents on April 19.
