Mooreast's (SGX:1V3) subsidiary, Mooreast Asia, granted HLMG-Nuform System an option to purchase its leasehold property in Singapore for SG$29.7 million, according to a Monday filing with the Singapore Exchange.

The property is used for steel fabrication, warehousing, yard services, and office operations.

The disposal is part of the company's strategy to raise funds to further expand its business and to support capital deployment for the acquisition of a newly acquired property.

Shares of the mooring solutions company surged over 8% in Monday trading.