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KSH Holdings Limited has disposed of a 52 per cent shareholding interest in Development 24 Pte Ltd, a property development and investment holding company, to wholly owned subsidiaries of the Lian Beng Group and Heeton Holdings, for a total of S$520,000.
The sales consideration was based on the net asset value of Dev 24 as at the date of the disposal.
KSH said the disposal is not expected, by itself, to have any material impact on the earnings and net tangible assets per share of the group for the current financial year ending March 31, 2018.
LBD (GL) Pte Ltd, a unit of the Lian Beng Group, acquired a 42 per cent stake in Dev 24 from Kim Seng Heng Realty Pte Ltd (KSHR), a wholly owned unit of KSH Holdings Limited, for S$420,000, while Heeton's unit Heeton Homes Pte Ltd acquired a 10 per cent stake for S$100,000.
Mr Ko Chuan Aun, an independent director of the KSH who is also an independent director and shareholder of the Lian Beng Group, abstained from voting in respect of the acquisition.