Starland disposes its subsidiaries to GRP Limited

Consideration for the sale is around $36.6 m.

It is going to be give and take for Singapore-listed property developer Starland Holdings as it enters disposal of its subsidiaries to make way for a proposed acquisition.

Starland has entered a sale and purchase agreement with GRP Limited for the disposal of Starland Axis Pte. Ltd and Starland Commercial Trading Pte. Ltd.

According to the group, the maneuver is to make way for it acquisition of equity interest in Ayondo Holding AG.

"In addition, the existing business of the Company is divested so that the Company will have no operating business prior to the completion of the Proposed Acquisition and so that it will not affect the financial results of the Company after the Proposed Acquisition," the group explained in their announcement.

That sale consideration for the two subsidiaries was set to $36.6 million (RMB 179.4 million). The company expects to gain around $34.6 million (RMB 169.6 million) from the disposal.