Mencast unit seals $21m option exercise for Penjuru property

Buyer pays the deposit as the sale moves to the completion stage.

Grandwoods Trading has exercised its option to buy 42B Penjuru Road from Mencast Marine, a wholly owned subsidiary of Mencast Holdings, for $21m.

Mencast said the option was exercised on 16 March, ahead of its 18 March expiry, turning the option into a binding contract for the proposed disposal.

The purchaser has paid $915,600, being the balance deposit plus GST, with the sum to be held by the vendor’s solicitors as stakeholder pending completion.

Mencast said it will announce further material developments when necessary.

The company also cautioned that the proposed disposal remains subject to the fulfilment of conditions precedent under the option, and there is no certainty that the transaction will proceed to completion.

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