Jackspeed enters into exclusive negotiation over stake in construction firm

JACKSPEED Corporation Limited has entered into a letter of intent (LOI) to engage in exclusive negotiations over the purchase of a 14.5 per cent stake in Wenul Assets (Industrial) Pte Ltd for a consideration of up to S$3.77 million.

Wenul Assets (Industrial) is principally involved in the business of mixed construction activities and real estate development.

Under the terms of the LOI, Jackspeed Corporation and the seller, Lim Wee Li, will negotiate and enter into a sale and purchase agreement no later than May 31, 2016.