The company paid 1% of the price to secure option to purchase.
Infinio Group Limited was granted an option to purchase a single land lot property in Kum Chuan Terrance, after paying the required initial deposit of $108,000 to the vendor, Hup Heng Enterprise Company Pte. Ltd, yesterday.
The property is comprised of an industrial building located on a single freehold land lot with a land area of approximately 827.4 square metres. The vendor currently used the property as a machinery workshop and warehouse.
The property is priced $10.8m, however, Infinio Group’s shareholders will still have to decide at an extraordinary general meeting if the acquisition will be continued.
“The Company intends to redevelop the Property, subject to obtaining all the necessary approvals from the relevant authorities, to facilitate the Company’s proposal to acquire a new long term sustainable business and to diversify the business of the Group to include the Property Business,” said Infinio Group in its filing to the Singapore Exchange.
Should the shareholders approve the acquisition, Infinio Group said the property will be paid wholly by cash through the net proceeds from the share placement it completed and announced last 1 February, and a combination of future equity-fund raising and bank borrowings.
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