Towards Financial Freedom
ISEA to acquire land in Phnom Penh, Cambodia
Lian Beng's 32.65%-owned associated company, Imperial South East Asia Investment (ISEA) has formed a joint venture named New Global to acquire land in Phnom Penh, Cambodia, for USD64mil, with plans to redevelop the existing hotel. The joint venture was formed with Lok Oknha Sear Rithy (Sear Rithy), a Cambodian national who is not related to Lian Beng. The land to be acquired has a site area of 15,882 sqm and houses a hotel operated under the name of "Imperial Garden Villa & Hotel". The purchase price of USD64mil will be paid in three tranches and will be funded by shareholders' funding from ISEA and Sear Rithy in a 49%-51% proportion. Other shareholders of ISEA are KSH Holdings and Heeton Holdings. Lian Beng's stake in this Cambodian project thus translates to an investment of USD10.24m, and is expected to be funded internally. We have a BUY on the stock, with a TP of SGD0.70. (Sarah Wong)
Source: OSK-DMG
Source: OSK-DMG
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