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Publish Date : 15-Sep-2012

Koon Holdings Limited said on Friday that it had entered into a share sale agreement with Ang Sin Liu Construction (Pte) Ltd to acquire the entire issued share capital of Malaysian companies Metro Coast Sdn Bhd, Triumph Heights Sdn Bhd, Unison Progress Sdn Bhd, and Unison Progress Sdn Bhd.

The consideration for the acquisition is $17 million, subject to independent valuations.

Koon Holdings also provided a further clarification on the properties, saying that two of the Malaysian properties are vacant lands, one is a retail unit in Kota Point Shopping Complex and the last comprises 10 pieces of vacant land. All of the properties are located in Johor.

The company said on Aug 1, 2012 that it planned to develop the Malaysian properties for sale as commercial units.

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