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Hafary Completes First Tranche of Deal to Acquire Sitra's Stake in World Furnishing Hub

MT Newswires ·  12/30/2021 18:16

05:11 AM EST, 12/30/2021 (MT Newswires) -- Tile distributor Hafary Holdings (SGX:5VS) completed the first tranche of the deal to acquire Sitra Holdings (International)'s (SGX:5LE) 10% stake in joint venture World Furnishing Hub.

Accordingly, Sitra unit Sitra Agencies has transferred 50,000 ordinary shares in World Furnishing Hub to Hafary Holdings. The remaining 50,000 will be transferred to Hafary on Jan. 17, 2022.

As of Dec. 29, Hafary has paid a total of SG$1.9 million ($1.4 million) and will pay the remaining amount of the total SG$3.7 million consideration on the completion date.

The furniture company's shares closed 7% lower on Thursday.

Price (SGD): S$0.01, Change: S$0.00, Percent Change: -6.67%

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