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Enviro-Hub Holdings disposes 12% stake in Carros Project Management
ENVIRO-HUB Holdings announced on Friday that it has entered into two sale and purchase agreements with Chew Ghim Bok to dispose 2.4 per cent and 9.6 per cent, respectively, of its equity interest in Carros Project Management for an aggregate purchase consideration of S$24 million.
The 12 per cent aggregate equity interest represents the company's entire equity interest in Carros and comprises 120 ordinary shares. Following the proposed disposal, the company will cease to hold any shares in Carros.
Carros is a company incorporated in Singapore, under a joint venture entered into between Enviro-Hub Holdings Company and BS Capital. The principal business activity of Carros is investment holding and real estate activities.
Mr Chew is an existing shareholder of Enviro-Hub Holdings, who holds 3.14 per cent shareholding interests.
The consideration will be fully satisfied in cash.
In a filing to the Singapore Exchange, the company said that the proposed disposal "represents a significant net gain and allows the group a good opportunity to recycle its capital investment". The proceeds will enable settlement of bank commitments due in the short term, said Enviro-Hub Holdings.