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CSC dips into development work overseas with 21% stake acquisition in HK firm
ENGINEERING company CSC Holdings Limited is dipping its toes into development work overseas, with a maiden investment in the development of a freehold project in the UK.
It said on Friday that it will, through a wholly owned unit, invest £500,000 (S$900,000) to acquire a 21 per cent stake in Hong Kong-incorporated Coriolis Hertford Limited (CHL).
CHL has a 40 per cent stake in Railway Street Hertford Limited (RSH), a UK company with full planning permission to develop a piece of freehold land in Hertford.
The project comprises 28 residential units and one commercial space with a total 30,000 sq ft of saleable land.
The freehold land is about 0.7 acres and has been valued by Savills UK at £3.9 million as at March 31, 2016.
CSC said that its investment in CHL is not expected to have a material effect on the consolidated earnings per share or net tangible assets per share of the group for the financial year ending March 31, 2017.