Lum Chang Auriga, the wholly-owned subsidiary of Lum Chang Holdings, has granted an option to sell one of the 14 landed units at One Tree Hill, 72 Jalan Arnap, to Marilyn Lum Wen Kay for a consideration of $8.25 million.
Marilyn is the daughter of David Lum Kok Seng, a director and controlling shareholder of the company, and the sister of Kelvin Lum Wen Sum, the non-independent non-executive director of Lum Chang Holdings.
Marilyn is an associate of David and Kelvin and is deemed as an “interested person” under the SGX-ST’s listing manual.
SEE:Lum Chang posts 37% fall in FY17 earnings to $18.7 mil; exercises option to purchase One Tree Hill Gardens
The sale price was negotiated on a willing-buyer willing-seller basis. It also took into consideration the prevailing market rates in comparison to other units in the same development that were already sold.
The amount at risk to the group arising from the proposed sale is at 3.05% based on the group’s latest audited net tangible assets (NTA) of $270.4 million as at June 30, 2020.
The current total of all interested person transactions under the group, excluding transactions which are less than $100,000, amount to $9.0 million after the proposed sale.
