SINGAPORE (June 3): Tiong Seng’s subsidiary Suzhou Huisheng Construction Development Co is selling its entire 55% stake in Jiangsu Huiyang Construction Development Co to its 45% shareholder for a consideration of RMB 67 million ($13.4 million).

After a strategic review of the group’s core business, Tiong Seng’s board is of the view that the disposal of Huiyang will allow the group to dispose a non-core business which generate minimal annual return, unlock value attached to the underlying assets and strengthen the group’s financial position for new investment opportunities as and when they arise.

Huiyang is engaged in the sale, leasing and management of various commercial units within a retail investment property, Wenchang Broadway, located Yangzhou City. Huiyang owns a wholly-owned subsidiary, Yangzhou Huixin Commercial Asset and Property Management Services Co, which provides property management service to Huiyang. Huiyang and Huixin shall collectively be known as the “disposal group”.

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