Hong Lai Huat Group is selling its subsidiary HLH Agri R&D, which owns D’Kranji Farm Resort, to Gallop Green for a consideration of $4.8 million.

The group, via its subsidiary HLH Agri International which wholly owns HLH Agri R&D, signed a term sheet pursuant to which Gallop Green will acquire the entire equity interest in HLH Agri R&D.

SEE:Hong Lai Huat subsidiary receives in-principal approval to develop agriculture eco city in Cambodia

In a filing to SGX dated April 22, the group states that HLH Agri R&D has no other significant activity.

Gallop Green is a wholly-owned subsidiary of Gallop Stable and has been operating the resort since it was appointed as managing agent in June 2018.

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Shares in Hong Lai Huat close 0.2 cents or 2.22% higher at 9.2 cents on April 22.