Mun Siong Engineering’s $11 million property acquisition has received an extension to Mar 12 2023 to obtain Jurong Town Council’s (JTC) approval of the purchase.
The company had previously announced a proposed acquisition of the 26 Gul Way property from PH Hydraulics and Engineering on Oct 12. Mun Siong’s shareholders subsequently approved of the proposed acquisition during an Extraordinary General Meeting (EGM) held on
Nov 10.
The conditional sale and purchase agreement was originally subject to and conditional upon the written approval of JTC by Dec 12.
However, as JTC is still in the process of reviewing the application and has indicated that it will not be able to grant written approval for the proposed acquisition by the previously stipulated date, Mun Siong successfully sought an extension to the deadline to obtain JTC’s approval from PH Hydraulics.
Mun Siong and PH Hydraulics have agreed to extend the deadline to obtain JTC's approval of three months to Mar 12 next year.
Shares in Mun Siong traded flat at 4.9 cents on Dec 13.
