Mooreast Holdings has agreed to an extension of the deadline for the acquisition of a property lot from Seatrium’s wholly-owned subsidiary, in order to obtain necessary approvals from the authorities.
Both Mooreast and Seatrium New Energy have entered into a letter agreement to extend the Long Stop Date under the option to purchase until Dec 31, 2025.
The property is located on Lot 4022P (measuring 93,902.6 square meters) and subsidiary Lot 4097V (measuring 5,015.8 square meters) both of Mukim 7 at 60 Shipyard Crescent, Singapore 627735.
Mooreast first announced its intention to acquire the facility last June for a total cost consideration of $13.5 million, as it seeks to increase its capacity to meet anticipated demand in the market for floating offshore renewable forms of energy. The group said it will fund the purchase through internal resources.
The 60 Shipyard Crescent property is near Mooreast’s current 323,000 sq ft yard at 51 Shipyard Road.
It had originally said it expected to complete the proposed acquisition and commence operations at the new facility by the end of 2024.
Shares in Mooreast closed flat at 12.6 cents on June 19.
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