Gelonghui, May 10 | K2 F&B (02108.HK) announced that on April 3, 2024, the buyer U PROPERTY HOLDINGS PTE LTD (an indirect wholly-owned subsidiary of the company) and the seller SECOND CHANCE PROPERTIES LTD signed an offer for the acquisition. On May 10, 2024, the buyer and seller entered into a share sale agreement. According to the share sale agreement, the seller agreed to sell and the buyer agreed to purchase all of the issued share capital of the target company NEW CHANCE PROPERTIES PTE LTD at a total cost of SGD 9.5 million.
The target company is a private company incorporated in Singapore, which mainly invests in holding properties as rental income.
The property is located in a mature residential area of Ang Mo Kio (Ang Mo Kio), close to Ang Mo Kio MRT station, bus interchange station and AMK Hubshoppingmall (AMK Hubshoppingmall). Ang Mo Kio is famous for its excellent location, vibrant community, convenient living facilities and convenient transportation. New residential projects are constantly being launched in the area, intertwining old and new to meet the changing needs of residents and to revitalize the district.
The acquisition is carried out in the daily and general business processes of the Group and is consistent with the Group's current (and current) business strategy and conduct. The company continues to make strategic investments and seek potential business opportunities in Singapore to create more value for shareholders.
The property consists of one unit divided into three smaller units and is currently engaged in retail business. The Group intends to apply to change the use of the property to a restaurant business and plans to build an air-conditioned food center. If all or part of the property cannot be reused, the Group plans to rent it out as a retail unit.