Listed real estate agency APAC Realty has increased its equity interest to 31.7% from 28.7% in SoReal Prop.
On August 19, APAC Realty’s wholly-owned subsidiary Electronic Realty Associates (ERA) subscribed for 605,175 ordinary shares in the enlarged share capital of SoReal Prop for a total consideration of $605,175.
SoReal will remain as an associated company of APAC Realty.
Propnex Realty, H Investment (Huttons) and SEAA Service (SEAA), have also subscribed for a total of 1,294,825 shares, which represents a collective 64.7% of SoReal’s enlarged share capital.
SoReal is an online property platform for salespersons and consumers, with an issued and paid-up share capital of $100,000 comprising 100,000 ordinary shares prior to the subscription.
Prior to the subscription, SoReal is jointly owned by ERA (28.7%), Propnex Realty (28.7%), SEAA (10%), and Jeremiah Ng (4%).
On 8 June 2020, ERA acquired shares in SoReal from SEAA, which increased its stake to 28.7% from 15% through a share and purchase agreement (SPA).
As at June 30, SoReal was at net liability of $1.5 million. Assuming that the subscription was in effect on the same day, SoReal would be in net asset position of $416,139.24.
Shares in APAC Realty closed 0.5 cent lower, or 1.4% down, at 36.5 cents on August 21.
