Thakral Corp sets up JV to invest in Japan properties
MAINBOARD-LISTED Thakral Corporation has set up a joint venture (JV) to invest in properties in Japan.
The company on Wednesday night said it has incorporated new subsidiaries Thakral Umeda Properties (TUP), and Nihon Property Investments (NPI) in preparation for further investments in Japan together with other investors.
Thakral Corp and its subsidiaries have collective direct shareholdings of about 79.1 per cent in TUP.
TUP is a pooled investment JV through which the group, certain entities controlled by the Thakral family, and some third-party investors, will invest in structures being established in Japan (TMK Japan), the company said.
The business of TMK Japan is the acquisition, ownership and management of properties in Osaka, Japan.
The directors of the company believe that the JV is part of its overall strategy to "diversify its asset and earnings base in Japan to capitalise on the country's strong economic fundamentals and tourism boom, and to ultimately enhance shareholder value".
Thakral shares closed at 48 Singapore cents on Wednesday, up 5.5 per cent, or 2.5 Singapore cents.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
US: Nasdaq, S&P tumble as Netflix, chip stocks drag
Europe: L’Oreal gains cap third week of declines
Telegram messaging service to allow Tether stablecoin payments
Hong Kong regulator to probe PwC auditing role over Evergrande
US: S&P, Dow open flat as Middle East jitters ease, Netflix weighs on Nasdaq
DBS puts 46 retail units, HDB shops on market for S$210 million