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The Straits Trading Company Limited has finally found a buyer for the 14 units in The Holland Collection that it owns for S$53.8 million.
The group said on Friday that it has entered into a binding memorandum of understanding (MOU) with Haiyi Holdings Pte Ltd to acquire all the issued ordinary shares in Atbara Holdings Private Limited, its wholly owned unit which is the registered owner of the 14 units in The Holland Collection.
The agreed collective price for all units is S$53.8 million. The proposed divestment is subject to a definitive share sale agreement.
Haiyi Holdings, controlled by Chinese businessman Gordon Tang and his wife, is the controlling shareholder of Singapore-listed property developer SingHaiyi following its cash offer for SingXpress Land (the former SingHaiyi) in 2013.
Upon signing the MOU, Straits Trading has received a goodwill deposit of about S$2.7 million from Haiyi Holdings. Straits Trading is entitled to retain this sum in the event Haiyi Holdings fails to sign the share sale agreement and pay S$5.4 million (10 per cent of the agreed price) less the goodwill deposit by the end of five business days from April 20, when the exclusivity period granted by Straits Trading ends.
The consideration for Atbara shares shall be paid in cash and calculated based on the net asset value of Atbara. As a condition to completing the transaction, the loans and inter-company balances of about S$29.8 million owed by Atbara to Straits Trading and its related entities shall be capitalised or repaid in full.