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Soon Lian Holdings Limited, via its wholly-owned unit Soon Lian Hardware, has entered into a sale and purchase agreement with Halliburton Far East Pte Ltd to acquire a single-storey detached factory at 6 Tuas Lane for $7.8 million.
In an SGX filing, Soon Lian revealed that a goods and service tax of S$546,000 is also payable.
Leased from JTC for a term of 30 years starting from January 2008, the factory has an aggregate built-up area of about 4,800 sq m and a land area of about 9,800 sq m. The property comes with a mezzanine level as well as rear extension.
The acquisition is in the best interest of the group as the company is still in the process of disposing its existing premises at 9 Tuas Avenue 2. As such, the property comes as an appropriate replacement for the group’s storage and fabrication of aluminum alloy materials as well as for office purposes, said Soon Lian.
Moreover, its directors believe that the group “does not require the entire space available in the existing property for its business”.
“The built-in area of the property, which is approximately 39 percent smaller than the existing property, is suitable and sufficient for the current operations of the group.”
Soon Lian, however, noted that the acquisition is conditional on JTC’s written in-principle approval.
An extraordinary general meeting (EGM) will also be convened to seek the shareholder’s approval for the proposed purchase.
“The notice of EGM, together with a circular in relation to the proposed purchase, will be despatched to shareholders in due course,” it added.
This article was edited by Keshia Faculin.
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