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Lian Beng, KSH, KOP consortium looking to dispose shares of indirect associated firms linked to Prudential Tower

Monday, November 21, 2016 - 20:00

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A CONSORTIUM comprising subsidiaries of four real estate and construction companies is looking to dispose the entire paid-up share capital of certain wholly-owned subsidiaries that are holding 17 strata office units in Prudential Tower, and also to settle a shareholder's loan.

A CONSORTIUM comprising subsidiaries of four real estate and construction companies is looking to dispose the entire paid-up share capital of certain wholly-owned subsidiaries that are holding 17 strata office units in Prudential Tower, and also to settle a shareholder's loan.

The consortium, Epic Land Pte Ltd, has served a non-binding letter of intent to an interested purchaser which is an unrelated third party, the companies announced in three separate but similar filings to the Singapore Exchange on Monday evening.

The purchaser has been given an exclusive period of eight weeks to conduct due diligence review for the proposed disposal, said the filings.

The filings were issued by Lian Beng Group Ltd, KSH Holdings Limited and KOP Limited, which all have subsidiaries in Epic Land. Lian Beng and KSH are listed on the main board, and KOP is on the Catalist. Centurion Global is the consortium's fourth investor and is a private company. The shareholdings of Epic Land held by Lian Beng Group, KSH, KOP and Centurion are 32 per cent, 28 per cent, 25 per cent and 15 per cent respectively.

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More details on the proposed disposal will be shared after the sale and purchase agreement has been signed, they said.

Epic Land completed a S$512 million acquisition of a 92.8 per cent stake in Prudential Tower from real estate investment trust Keppel Reit in September 2014.

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