Keong Hong dumps 20% shares in JV with MCSK Pte. Ltd

The group selling it for $34.5m.

Keong Hong Holdings Limited, the parent of Keong Hong Construction Pte Ltd, has announced that it is selling its 20% shares in Katong Holdings Pte. Ltd. to MCSK Pte. Ltd. for $34.5m

The group announced that on 8 November, it entered into an indicative non-binding term sheet agreement with MCSK in respect of the proposed divestment of its interest in Katong Holdings of 200,000 ordinary shares, and the discharge of the loans extended by them to Katong Holdings and any interest accrued or accruing to MCSK.

In connection with the proposed disposal, the parties have further on 3 December 2024 entered into an agreement to purchase (ATP), pursuant to which the Vendor agreed to arrange a definitive sale and purchase agreement to be entered into in relation to the proposed disposal.

Katong Holdings is a Singapore-incorporated company owned by Keong Hong Holdings and MCSK for 20% and 80%, respectively. Katong Holdings was incorporated on 13 February 2014 and is primarily engaged in the business of property and hotel ownership and development.

The deal is expected to be completed by 27 February 2025.

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