Hong Lai Huat’s subsidiary, PH One Development, have entered into a settlement agreement on May 27 following the termination of the proposed sale of the hotel in the group’s D’Seaview project in Cambodia.

In the agreement, both parties accept that the buyer has paid US$4.2 million ($5.6 million) according to the payment schedule provided in the sale and purchase agreement (SPA), which will be accepted as part payment of the purchase price.

SEE:Hong Lai Huat signs MOU with CMEC for solar farm in Cambodia

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