Hong Lai Huat’s subsidiary, PH One Development, have entered into a settlement agreement on May 27 following the termination of the proposed sale of the hotel in the group’s D’Seaview project in Cambodia.
In the agreement, both parties accept that the buyer has paid US$4.2 million ($5.6 million) according to the payment schedule provided in the sale and purchase agreement (SPA), which will be accepted as part payment of the purchase price.
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The buyer remains liable – in addition to the balance – to pay the tax authority the applicable transfer tax.
Shares in Hong Lai Huat closed 2 cents higher or 2.3% up at 9 cents on May 27.
