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Guoco Group ( (HK:0053) ) has shared an announcement.
Guoco Group’s wholly-owned subsidiary, GuocoLand, has entered into a joint venture agreement with TIDR, Intrepid, and FWR to develop a property project in Singapore. This joint venture, with a 50-40-10 shareholding ratio among the partners respectively, involves the acquisition and development of a site at Faber Walk. The project, valued at approximately HK$2,036,873,206, is set to yield about 400 residential units, enhancing GuocoLand’s footprint in the Singaporean real estate market. The transaction is classified as a connected transaction under Hong Kong’s Listing Rules but is exempt from independent shareholder approval, indicating a strategic move that aligns with regulatory compliance and aims to strengthen GuocoLand’s market position.
More about Guoco Group
YTD Price Performance: -3.28%
Average Trading Volume: 1,000
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $2.86B
See more data about 0053 stock on TipRanks’ Stock Analysis page.