Kim Eng increases shares for $2.3 mln

Kim Eng Holdings Limited’s SAPL has acquired the remaining 10% equity interest in St. Michael’s for $2,327,331.77.

Strategic Acquisitions Pte Ltd (SAPL), a subsidiary of Kim Eng, will obtain St. Michael’s Development Pte Ltd, a joint venture company with Bravo Building Construction Pte Ltd, for a cash consideration of more than $2.3 million. The consideration for 500,000 shares was arrived at on a willing-buyer and willing-seller basis and on an arm’s length basis, a Kim Eng report said.

St. Michael will now be registered as a subsidiary of SAPL. All joint venture agreements between SAPL, Bravo and St. Michael’s will be terminated after the acquisition.

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