Wong Fong Industries’ wholly-owned subsidiary, Wong Fong Engineering, has been granted an option to purchase (OTP) by Lian Hoe Hardware on June 24.
The OTP is in relation to the proposed acquisition of a property at 38 Joo Koon Road for a consideration of $6.5 million.
The option fee of $64,880 represents 1% of the total consideration.
The OTP will remain valid till 4pm on Sept 7. It will be considered null and void if it’s not exercised by Wong Fong Engineering by then.
The property is a leasehold property granted by the Jurong Town Corporation (JTC) with a tenure of 30+30 years, which commenced on Dec 16, 1988.
It is a two-storey detached factory with a land area of approximately 47,318 sq ft and a floor area of around 33,241 sq ft.
It is currently permitted to be used for fabrication, cutting and storage of metal iron, mild steel, stainless steel and related products.
Shares in Wong Fong Industries closed flat at 15.3 cents on June 24.
