Corporate digest

Koh Brothers Group

KOH Brothers Group's wholly owned subsidiary, Changi Properties Pte Ltd, has signed a conditional joint venture agreement with Global Skyline Sdn Bhd (GS) and its wholly owned special purpose vehicle, Global KB Venture Sdn Bhd (GKV), to subscribe for new ordinary shares in GKV. Under the agreement, GS will transfer its leasehold interest of a development land known as Plot A27 in Johor Bahru, Malaysia, to GKV, at a consideration of some RM35.96 million (S$12.2 million).

The plot has a 99-year lease tenure, starting from Nov 1, 2014, with a gross floor area of about 449,539 square feet on the land parcel. GKV intends to develop the plot into a mixed-use property. Upon the completion of the proposed subscription, Changi Properties will own 25 per cent of the enlarged share capital of GKV, with GS owning the rest. Changi Properties' total investment in GKV will amount to just under RM7.49 million.