Perennial Real Estate ups stake in PRE 3 Investments

GEORGE Quek Meng Tong has agreed to sell 3,345,324 ordinary shares in PRE 3 Investments for S$5.8 million to Perennial Real Estate Holdings's wholly-owned subsidiary, Perennial Singapore Investments Holdings.

On completion, PRE 3 will become an associated company of Perennial Real Estate.

The latter's acquisition is not expected to have any material impact on its net tangible assets or earnings per share for the financial year ending Dec 31, 2016.