Boustead Projects, via its wholly-owned subsidiary BP-Vietnam Development (BPVD), has signed an option agreement with Vietnamese conglomerate company Khai Toan (KTG) for the proposed purchase of a 49% stake in a holding company for an industrial real estate fund.

Under the option agreement, BPVD will pay VND289.25 million ($16.6 million)  to KTG in three tranches in return for a call option to purchase 49% of the issued and paid-up share capital of the holding company.

BPVD  will also provide KTD with a put option to sell the 49% stake in the holding company. Upon either company exercising its option, BPVD and KTD will enter into a sale and purchase agreement for BPVD to acquire the 49% stake in the holding company.

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