Wing Tai acquires remaining stake in JV company, Winnoma Investment, for US$18.27m

Holdings’ wholly owned unit, Wing Tai China (WTC) has acquired the remaining 50 per cent stake in Winnoma Investment from its joint venture partners for around US$18.27 million, Wing Tai said in a filing to the Singapore bourse on Wednesday (Aug 31).

Winnoma is a joint venture company that has developed a residential project in Shanghai, China. Wing Tai’s joint venture partners are Savills IM Asian Property II SICAV-SIF (in liquidation) and Inica Holding.

The consideration was paid in cash upon completion of the deal, namely with the inking of the share sale agreement. With the acquisition, Winnoma will become a wholly owned subsidiary of WTC.

Wing Tai said: “The acquisition is carried out in the ordinary course of business. It is not expected to have any material impact on the group’s net asset value.”

Shares in Wing Tai closed unchanged at S$1.67 on Wednesday.