S&T Unit Eyes Disposal of Singapore Property; Shares Jump 5%

MT Newswires Live

11/11

S&T Holdings (HKG:3928) unit Sing Tec Development and Poh Wah Group gave 2K Property an option to purchase a commercial property in Singapore for SG$8.8 million, a Monday Hong Kong bourse filing said.

Shares of the construction services and property investment company were up over 5% in Tuesday afternoon trading.

The buyer can exercise the option to buy the property, which is held as to 50% each by the two sellers, until Nov. 17.

The company is expected to use proceeds from the disposal as general working capital and to repay Sing Tec Development's debt.

2K Property is a unit of Wee Hur (SGX:E3B).

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