Sim Siang Choon to buy Chase Perdana
Posted by luxuryasiahome on July 25, 2008
Sanitary-ware distributors, Sim Siang Choon Ltd, said on Friday that it has entered into a binding Memorandum of Understanding (MOU) on Thursday with Empire Holdings Ltd to buy Chase Perdana.
Empire is the controlling shareholder of Chase Perdana Chase, which is currently engaged in diversified operations in the property development and investment, financial services and civil engineering sectors.
Sim Siang Choon will pay S$5 million cash as initial deposit for the purchase. It will also issue Sim Siang Choon shares at S$0.22 each, amounting to the net tangible assets or a value 8 times the net profit of Chase on Dec 31, 2008, whichever is higher, less the deposit.
Empire will restructure Chase before the transaction, after which Chase will only hold its construction business and possibly some property development and investment operations.
Some of Chase’s projects include the development of 81 acres of industrial and commercial land in Alor Gajah, Melaka and the construction of an apartment block known as Seasons Square in Damansara Perdana, Kuala Lumpur; as well as the construction of a 33-storey twin tower building for the National Hotels Company in Bahrain.
Source : Business Times – 25 Jul 2008
