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Soilbuild picks up 70% stake in construction firm CS Corp
SOILBUILD Construction Group is picking up a 70 per cent stake in a pre-fabricated pre-finished volumetric (PPVC) construction company.
The group said after trading hours on Monday that its wholly owned subsidiary, SB Project Services Pte Ltd, has entered into a share subscription and shareholders' agreement to subscribe for a 70 per cent stake in CS Corp Pte Ltd.
The agreement was signed with CS Corp and its two existing shareholders, Hiew Chung Yong and Swanhoff Pte Ltd.
Soilbuild said CS Corp has developed a Concrete PPVC system (CSVC System), which has been granted in-principle acceptance for use in building projects in Singapore by the Building and Construction Authority through the Building Innovation Panel.
CS Corp is poised to commercialise the CSVC System and invest up to S$4 million to commence its business in the design, manufacturing, supply and assembly of PPVC modules, it added.
Soilbuild expects the share subscription in CS Corp to be completed on July 31 2017.