Global Yellow Pages unit completes purchase of 38,400 sq m land in NZ

A SUBSIDIARY of Global Yellow Pages (GYP) has completed its acquisition of a plot of freehold land in Queenstown, New Zealand.

The publisher said in a Wednesday morning release that Remarkables Residences, an indirect wholly-owned subsidiary, had completed the purchase of a 38,400 square metre plot of land located at Eastern Access Road in Queenstown. The vendor is Queenstown Central Limited.

Net proceeds of S$5.2 million through the placement of about 34.1 million new shares have been used for the purchase.

In May, the company had said its subsidiary had entered into a deal to buy the land for NZ$19.2 million (S$19.1 million) and had intended to develop it into residential properties for sale.

GYP had said in September that to fund the Queenstown purchase, two placees - Yong Yin Min, non-executive director of Pacific Radiance Ltd, and Thomas Riber Knudsen, chief executive of Damco Asia - will subscribe for these new ordinary shares at an issue price of S$0.154 per placement share.