Sheng Siong unit to acquire Jelita Property for $50.2m

It will fund the acquisition through internally generated funds.

Sheng Siong Group’s subsidiary, Sheng Siong Supermarket, will acquire Jelita Property for $50.2m.

Through a conditional sale and purchase agreement (SPA), Sheng Siong Supermarket will acquire 25,000,000 ordinary shares or 100% of the issued and paid-up capital of the real estate development company.

Sheng Siong will fund the acquisition through internally generated funds.

Jelita Property owns eight strata units at 2 First Street and holds a 78-year leasehold interest from 1 October 1992 for a unit at 181 Toa Payoh.

Sheng Siong said the vendor or shareholders of the company have also agreed to lease the eight strata units.

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