Olive Tree Estates (SGX:1H2) has signed agreements to sell its interests in five joint-venture real estate projects in Vietnam for $6 million, according to a Friday filing with the Singapore Exchange.
The projects include minority stakes in Binh Duong, Ha Long, Dao Tri, and Hai Phong developments.
The sale, which requires shareholder approval, aims to bolster the company's liquidity and allow greater focus on assets generating recurring income. Completion is contingent on regulatory and shareholder consents, with an option to entertain higher offers until January 12, 2025.
The buyer, Tjoa Thian Song, an investor in technology, education, and real estate, is acquiring the assets in cash.
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