GuocoLand subsidiary enters joint venture with GuocoLand Assets

The two will participate in land biddings.

GuocoLand Limited's (GLL) wholly-owned subsidiary, GuocoLand (Singapore) Pte Ltd (GLS) entered a joint venture (JV) agreement with GuocoLand Assets Pte Ltd (GAPL).

According to an announcement, the parties entered the JV to participate in land tender and govern the JV parties' relationship. The JV also allows parties to subscribe for shares in GLL A Pte Ltd (GLL A).

GLL A, with an initial issued and paid-up share capital of $1, which was wholly-owned by GLS, has today increased its issued and paid-up share capital from $1 comprising one ordinary share to $10 comprising 10 ordinary shares.

As a result, GLL's interest in GLL A has been reduced to 70%. GAPL held the remaining the 30%.