Hafary Holdings 5VS has announced the proposed acquisition of the remaining 19.0% issued share capital of subsidiary World Furnishing Hub (WFH) for $4.5 million.
On Jan 17, the company announced that its wholly-owned subsidiary had entered into a sale and purchase agreement with non-executive director and controlling shareholder Low See Ching for the purchase of the target shares.
According to Hafary 5VS , the proposed acquisition represents an opportunity to increase its stake in WFH at a favourable price. WFH's principal asset is the leasehold interest of the property located at 18 Sungei Kadut Street 2.
Based on the management accounts of WFH for the FY2023 ended Dec 31 and based on a valuation conducted on the property by independent valuer Orangetee Advisory, the market value of the property is $72 million, which ascribes a value of $4.76 million to the target shares.
Upon completion of the sale, the company's legal and beneficial ownership of the share capital of WFH will increase from 81.0% to 100.0%.
Shares in Hafary closed unchanged at 30 cents on Jan 17.
