LHT Holdings Ltd (SG:BEI) has released an update.
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LHT Holdings Limited has announced the termination of an agreement to lease a property in Kranji Industrial Estate due to not meeting the lease entitlement requirements and will face liquidated damages of approximately S$518,000. The initial investment estimate of S$56 million for building on the land has significantly increased due to the economic changes following the Covid-19 pandemic, prompting the company to deem it imprudent to proceed. The company will continue its operations at its existing Singapore locations.
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