The property developer filed an application to the Singapore High Court to be placed under judicial management last August. Back then, the group said that the judicial management was filed as a “proactive measure” to facilitate the ongoing restructuring efforts, and to forestall any possible action by other creditors.
Metrocon is an exempt private company incorporated in Singapore and is engaged in the business of general building construction, including piling and major upgrading works.
The completion of the proposed acquisition will take place in four weeks from the satisfaction or waiver of the conditions precedent, which include a few conditions such as the minimum valuation of the target company being $24 million.
Hatten Land last traded at 1.1 cents.
