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Vibrant unit to sell 60% stake in real estate developer for S$28.1m
VIBRANT Group's 60 per cent-owned subsidiary, Vibrant Properties, has agreed to sell its entire 60 per cent equity interest in DP-Master-Vibrant (Jiangyin) Real Estate Development Co (DPMV) to Jiangsu Yingshi Real Estate for a consideration of S$28.1 million.
For its 60 per cent indirect equity interest in Vibrant Properties, Vibrant Group will be indirectly entitled to up to S$16.8 million upon completion of the sale.
The sale is expected to take place no later than Feb 28, and will allow Vibrant Group to realise a profit over its investment in DPMV.
DPMV has constructed and completed two government-approved resettlement housing development projects in Jiangsu province.