The Place Holdings’ potential deal for Realty Centre site falls through after long-stop date expires

THE Place Holdings on Tuesday (Jul 4) said its potential deal to sell up to 11 per cent of its stake in the former Realty Centre site to Maximus Global Ventures was terminated after passing the long-stop date.

The group was expecting its share of the proceeds from the deal to be S$8.8 million, or 18.7 per cent of the company’s entire market capitalisation of S$47.1 million on Wednesday. 

The investment holding company announced on May 11 that its wholly-owned subsidiary, The Place Singapore Investment, along with MCC Land (Singapore) and Sun Card, had entered into a binding indicative framework agreement with Maximus Global Ventures. 

All four parties were supposed to enter into a sale and purchase agreement by Jun 30 but failed to do so. 

The Place Holdings also said that it would continue to actively engage with other third parties regarding the potential disposal of New Vision Holding – the entity that owns the land and building formerly known as Realty Centre on 15 Enggor Street.

The Place Holdings has requested to lift its trading halt called on Monday. The counter last traded at S$0.008 on Jun 30.