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Tuan Sing acquires remaining 51% stake in Indonesian company
TUAN Sing Holdings has acquired the remaining 51 per cent stake in PT Titian Damai Mandiri (TDM) through its indirect wholly owned subsidiary, Lachenalia, from PT Graha Baru Khatulistiwa for 26.010 billion Indonesian rupiah (approximately S$2.48 million).
TDM holds a land allocation letter from the Batam Authorities, granting it the rights to acquire 40 hectares of land in Marina City, Batam. According to a valuation report issued by Wiseso Saladin & Rekan in association with Jones Lang Lasalle, the land is valued at 52.856 billion Indonesian rupiah.
Tuan Sing said that the consideration would be funded by internal resources.
Upon completion of the acquisition, the company through its subsidiary PT Goodworth and TDM will hold a total of 125ha of land in Marina City.
Shares in Tuan Sing closed at 41.5 Singapore cents, up half a cent, on Monday.