Asia-Pacific Strategic Investments buying real estate agency business (Amended)

Singapore

SINGAPORE-LISTED Asia-Pacific Strategic Investments Ltd (APSIL) has proposed to acquire Global Alliance Property (GA) - the newly combined real estate agency business of Global Property Strategic Alliance (GPS Alliance) and MORE Property - for S$2.75 million in cash and shares.

GPS Alliance's wholly owned unit Global Property Strategic Alliance (GPSA) currently holds 70.91 per cent of GA while MORE Property owns the balance stake.

The issue price of APSIL shares to GPSA and MORE Property is not determined yet. For illustrative purpose, based on the computed price as at July 20, GPSA and MORE Property would end up with a collective 3.7 per cent stake in APSIL.

While the proposed consolidation of GPSA and MORE Property could help stem their financial bleeding for the past two years, APSIL's proposed acquisition is in line with its plan to move into the re…