Aggregate gross rentals from start from $114,260 for the second-floor unit and $259,897 for the third-floor unit over the first year. They are capped at $124,647 and $283,524, respectively, from the third to fifth years.
HMG and Alkas, through OUE, are partially controlled by members of Indonesia’s Riady family, who owns Lippo Group. However, HMG's audit committee has reviewed the terms of the leases, and is of the view that the interested party transaction is not prejudicial to the interests of HMG and its minority shareholders.
Shares in HMG last traded at 3.4 cents.
