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Heeton cuts stake in subsidiary Prospere Glory to 60%

MAINBOARD-LISTED developer Heeton Holdings has disposed of a 40 per cent stake in previously wholly owned unit Prospere Glory, it announced in a Singapore Exchange filing on Wednesday evening.

The real estate and investment holding firm Prospere Glory has an issued and paid up share capital of 100 ordinary shares of S$1 each. On Dec 21, 20 per cent of the shareholding interest in Prospere Glory was disposed of to KSH Investments Property Holdings Pte Ltd, and another 20 per cent to Ho Lee Properties (UK) Pte Ltd, via Heeton unit Heeton Capital. KSH Investments Property Holdings is the wholly owned subsidiary of mainboard-listed KSH Holdings.

Each disposal had a sales consideration of S$20, based on the net asset value of Prospere Glory as at the date of the disposal. With the disposal, Prospere Glory becomes a 60 per cent-owned subsidiary of the Heeton group.

Heeton said that the deal is not, in itself, expected to have any material impact on its earnings and net tangible assets per share for the current financial year ending Dec 31, 2018.

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Heeton shares closed down half a Singapore cent or one per cent at 48.5 Singapore cents on Wednesday before the announcement.