World Precision Machinery (SGX:B49) has completed the second tranche payment for the proposed acquisition of a 100% equity stake in a to-be-incorporated project company, according to a Tuesday filing on the Singapore Exchange.
The payment, amounting to 24 million yuan, was made on Dec. 3. The funds were injected as equity into the project company, Hainan Xingmei Spring Hotel, bringing its registered capital to 52.8 million yuan.
As a result, World Precision's wholly-owned subsidiary, HWTI, now holds a 45.45% equity stake in Hainan Xingmei Spring Hotel, which has become an associated entity of the group.
The remaining 106 million yuan in payments are scheduled for subsequent installments.
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