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OKH can't complete S$49m sale of warehouse unit, cites buyers' default
LOGISTICS and industrial property developer OKH Global failed to complete a S$49 million disposal of a warehouse investment and developer unit after the buyers said that they could not complete the deal, the company announced on Monday after the market closed.
Under the intended sale, OKH was to have sold its minority interest in Pan Asia Logistics Investment Holdings and Pan Asia Logistics Holdings Singapore (PALH) back to PALH and Bischoff Christian Paul by Monday.
But the buyers wrote to OKH on Monday to state that they were "not in a position to proceed with completion", OKH said.
OKH said that it is entitled to claim S$1.32 million from PALH and S$297,000 from Bischoff Christian Paul for failing to complete the transaction. PALH is also liable for S$500,000 as an extension fee, OKH said.