Keong Hong's (SGX:5TT) wholly owned subsidiary, Keong Hong Construction, entered into an agreement to dispose off its 20% stake in Katong Holdings to MCSK, according to a filing with the Singapore Exchange on Tuesday.
Katong Holdings is mainly engaged in property and hotel ownership, as well as development, the filing said.
Keong Hong Construction has agreed to sell the stake for SG$34.5 million after initially entering into an indicative non-binding term sheet on Nov. 8.
The construction and property development company expects total net proceeds of about SG$34.3 million from the deal. It will utilize the proceeds for its working capital needs.
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