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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.