INDUSTRIAL product supplier GRP Limited has entered into a conditional sale and purchase agreement to acquire 82.91 per cent of Starland Holdings for S$28.3 million.
GRP will pay 23.6 Singapore cents in cash for each share - a premium of 38.8 per cent over the last traded price of 17 Singapore cents on Oct 13 - and does not intend to revise the offer price.
Starland is primarily involved in property development in China, and has developed integrated residential and commercial properties in Chongqing.
The acquisition represents an opportunity for GRP Group to accelerate its strategy to grow and gain a firm foothold in the vast PRC property market, GRP said in an exchange filing. GRP has been active in the PRC property market since 2008.