Ho Bee Land to buy remaining stake in AVJ for $330m

The share price stood at $.059 (AUD0.70)

Ho Bee Land Limited (HBL) has entered into a non-binding indicative offer (NBIO) to buy all of the shares in AVJ that HBL does not currently own indirectly at $0.59 (AUD0.70) per share

Under the NBIO, HBL seeks to purchase AVJ Shares through a scheme of arrangement under the Australian Corporations Act with a total consideration of $330.6m (AUD390.7m).

HBL said the proposed transaction will enable the group to have a stronger financial position in Australia, increase revenue potential, and enhance business capability to compete internationally.

AVJ is an Australian-based residential property development company and a public company listed on the Australian Securities Exchange and the Singapore Exchange.

($1=AUD1.18)

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