According to HGH, the proposed disposal is in the company’s “best interests” given that it is expected to strengthen the relationship with Chuan Lim, a customer and supplier of Premium Concrete.
Catalist-listed HGH Holdings has agreed to sell its 200,000 shares — or a 20% stake — in its wholly-owned subsidiary, Premium Concrete, for $2.4 million.
The company had entered into a share purchase agreement (SPA) with Lim Kui Teng, founder of private construction company, Chuan Lim Construction, on March 19, said HGH on the evening of March 21. The SPA is conditional upon obtaining United Overseas Bank’s (UOB) written consent in connection with the change in shareholder and management per a facility letter dated June 13, 2024.
