NeraTel grants option to purchase Defu Lane property for S$6.3m

NERA Telecommunications has granted De Tian Holdings an option to purchase the company's leasehold interest in a Defu Lane property for a consideration of S$6.3 million.

The option to purchase expires on April 21 at 4pm. De Tian has to make its payment in cash in three tranches.

The sale of the property is subject to a few conditions, including Nera Telecommunications getting approval from Jurong Town Corporation (JTC) for De Tian's proposed use of the property and the sale of the property to De Tian.

If the approval from JTC is not obtained within six months from the date of the option to purchase, or another agreed-upon date, Nera Telecommunications is entitled to extend this long-stop date by 8 weeks.

Shares in the company last traded on April 6 at S$0.093.