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GUOCOLAND Limited's wholly-owned subsidiary, GuocoLand (Singapore) Pte Ltd, entered into a joint venture and shareholders' agreement with GuocoLand Assets Pte Ltd (GAPL).
GuocoLand Limited, a member of the Hong Leong Group, said on Tuesday that parties entered into the agreement to, among other things, participate in land tender and govern the joint venture parties' relationship.
The partnership also provides for parties to subscribe for shares in GLL A Pte Ltd, which was a wholly-owned unit of GuocoLand (Singapore).
GLL A, with an initial issued and paid-up share capital of S$1, has on Tuesday increased its issued and paid-up share capital from S$1 comprising one ordinary share to S$10 comprising 10 ordinary shares by the issuance of nine new ordinary shares.
Following the issuance of new ordinary shares by GLL A, GuocoLand Limited's interest in GLL A has been reduced from 100 per cent to 70 per cent, with GAPL holding the remaining 30 per cent of the issued and paid-up share capital in GLL A.
GAPL is GuocoLand Limited's immediate holding company and a wholly owned subsidiary of Guoco Group Limited.
"The entering into the (joint venture and shareholders' agreement) is not expected to have any material effect on the net tangible assets per share or earnings per share of the company for the current financial year ending 30 June 2018," GuocoLand Limited said.
It added that further announcements will be made on any material developments.
GuocoLand opened at S$2.10 on Tuesday.