SINGAPORE (April 21): Builder and construction company Keong Hong Holdings is acquiring a 60% stake in Hansin Timber Specialist and Trading for a consideration of $4.5 million to be funded by internal sources.

Hansin is engaged in the supplies and installation of timber floorings and exterior timber decking, trellis and roofing for residential and commercial development projects in Singapore.

Vendors Tan Tee Meng and Heng Soon Miang will receive $3 million in cash and will be issued 2.6 million in new shares at 58.5 cents each, representing 1.1% of Keong Hong’s enlarged issued share capital.

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