GRP to acquire 82.91 per cent of Starland Hldgs

Singapore

IN a bid to grow its foothold in the property market in China, industrial product supplier GRP Limited plans to acquire 82.91 per cent of Starland Holdings for S$28.3 million.

GRP, through its wholly-owned indirect subsidiary GRP Chongqing Land Pte Ltd, will pay 23.6 Singapore cents in cash for each share - a premium of 38.8 per cent over the last traded price of 17 Singapore cents on Oct 13 - and does not intend to revise the offer price. It will fund the acquisition and the subsequent offer - if it comes to pass - for the rest of the firm through internal resources, net proceeds raised from its rights-cum-warrants issue in 2013 and bank borrowings.