Sheng Siong (SGX:OV8) entered into a conditional sale and purchase agreement to purchase 25 million shares in the capital of Jelita Property, according to a filing with the Singapore Exchange on Friday.
The company owns properties located at 2 First Street Singapore and a property at 181 Toa Payoh.
As part of the proposed acquisition, the company will also lease out the properties.
The total consideration of the share sale is the net asset value of the target company based on the property value of SG$50.2 million.
Through this acquisition, the company will be in a position to open additional stores while also receive additional rental income.
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