Crane rental company MS Holdings to enter property development in Indonesia

Singapore

IN its foray into property development, crane rental company MS Holdings entered into a binding conditional term sheet agreement with ACT Holdings Pte Ltd on Jan 14 for a potential joint venture in property development in western Jakarta.

This will involve MS Holdings acquiring a stake in Singapore-incorporated Murray Prince Pte Ltd (JV company), currently owned by ACT and its subsidiary Aspen Development. Following a share subscription by MS Holdings, the latter will own 31.25 per cent, while ACT and Aspen will hold 61.87 per cent and 6.88 per cent respectively.