Hong Lai Huat sells Cambodia properties for $50m

The properties will be sold into two separate sale and purchase agreements (SPAs).

Hong Lai Huat (HLH) has agreed to sell HLHI Cambodia and HLH Agriculture (Cambodia) on two separate sale and purchase agreements (SPAs).

The HLHI Cambodia will be sold for $2.01m (US$1.5m) based on the exchange rate of US$1.00 to S$1.33946 as at 1 February 2024.

Meanwhile, HLH Agriculture (Cambodia) is priced at $48.2m (US$36m) based on the exchange rate by the purchaser.

Currently, HLHI has rights to some freehold property situated in Trapaing Chor commune and Sangke Satorb commune, Oral district, Kampong Speu, Cambodia (HLHI Land).

In addition, HLHA also has rights to 12 parcels of agricultural land that are 50-year economic land concessions commencing from 21 May 2010 located at Trapaing Chor commune and Sangke Satorb commune, Oral district, Kampong Speu, Cambodia.

HLH will seek its shareholders’ approval at an extraordinary general meeting to be held at a future date.

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