Hong Lai Huat Group is selling its subsidiary HLH Agri R&D, which owns D’Kranji Farm Resort, to Gallop Green for a consideration of $4.8 million.
The group, via its subsidiary HLH Agri International which wholly owns HLH Agri R&D, signed a term sheet pursuant to which Gallop Green will acquire the entire equity interest in HLH Agri R&D.
SEE:Hong Lai Huat subsidiary receives in-principal approval to develop agriculture eco city in Cambodia
In a filing to SGX dated April 22, the group states that HLH Agri R&D has no other significant activity.
Gallop Green is a wholly-owned subsidiary of Gallop Stable and has been operating the resort since it was appointed as managing agent in June 2018.
Shares in Hong Lai Huat close 0.2 cents or 2.22% higher at 9.2 cents on April 22.
