Mooreast Asia divests shipyard property in $29.7m deal

Its completion remains subject to several conditions precedent.

Mooreast Holdings Limited announced that HLMG-Nuform System Pte. Ltd. has exercised its option to purchase a leasehold property owned by Mooreast's wholly-owned subsidiary, Mooreast Asia Pte. Ltd. (MAPL), for $29.7m.

The property, located at 51 Shipyard Road, comprises land lots and foreshore and seabed, along with agreed furniture, fittings, machinery, and equipment on site.

Upon exercising the option, the purchaser paid a further $1.18m as a deposit, equivalent to 5% of the sale price less the $297,000 option fee already paid.

Completion of the disposal remains subject to several conditions precedent, including shareholder approval at an extraordinary general meeting to be convened.

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