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Bonvests to acquire PT Bintan Golden Land for S$7.7m

BONVESTS Holdings Limited's wholly owned subsidiaries Goldvista and Coop International have entered into a share purchase agreement for the acquisition of the entire share capital of PT Bintan Golden Land (PTGL) from Henry Ngo, a director and controlling shareholder of the company, and Andy Guoyuan Xie and Gary Xie Guojun, as vendors, for the aggregate purchase consideration of S$7.7 million payable in cash on completion.

To date, the total issued and paid-up share capital of PTGL is US$3 million. PTGL, an investment holding company incorporated in Indonesia, holds unencumbered vacant land of approximately 547,129 square metres with a tenure of approximately 30 years which is located in the resort area of Desa Mapur, Kecamatan Bintan Pesisir, Bintan Island, Indonesia.

According to a filing to the Singapore Exchange, the purchase consideration was arrived at on an arm's length basis, after taking into account various commercial factors, including the net tangible assets of PTGL, the location of the property and its potential for development.

The property, when developed into a new resort, will be an integral part of the operations and marketing of The Residence Bintan and will provide a wider range of services.

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The acquisition will be financed by internal funds and borrowings of the company. It is not expected to have a material impact on the group's consolidated earnings and net tangible assets per share of the company for the current financial year ending Dec 31, 2017.