Alpina Holdings secures term sheet to buy Wan Dormitory for S$24 million
ENGINEERING services company Alpina Holdings has entered into a non-binding term sheet to take over Wan Dormitory for S$24 million.
Back in 2016, the property at 180 Woodlands Industrial Park E5 was disposed of by Oriental Group, which has since delisted, for S$24.2 million to alleviate its financial woes.
On Wednesday (Mar 15), Alpina said it is looking to acquire the property as there is a shortage of dormitories in Singapore, and the group has faced difficulties in expanding its foreign worker strength due to the lack of available dormitories.
“The group intends to acquire the target as an investment, as well as for the group’s own use as additional dormitory space for its workers,” it added.
As of Mar 15, Dacai Pte Ltd, a company involved in the wholesale of fruits and vegetables, owns 99 per cent of the property’s shares, while Dong Cai, the sole director of Wan Dormitory, owns the remaining 1 per cent. The group noted that Dong, together with his wife, collectively own the entire issued and paid-up share capital of Dacai.
Alpina also said Dacai and Dong are both independent third parties who are unrelated to any of the directors or controlling shareholders of the company.
From now till Sep 12, Alpina and the vendors will work towards negotiating, finalising and entering into definitive agreements, it added.
Shares of Alpina closed S$0.001 or 0.5 per cent higher at S$0.20 on Wednesday.
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