Trendzon Holdings Group (HKG:1865) agreed to sell a 27% equity stake in Integral Virtue to Tan Tze Loong for SG$8.3 million, subject to shareholder approval, a Monday filing with the Hong Kong bourse said.
Following completion, the construction engineering company's equity interest in the target firm will be reduced from 78% to 51%, with the buyer holding the remaining 49%.
The firm will use proceeds from the sale to develop its construction and engineering business, as well as for general working capital.
Integral Virtue directly owns 100% equity interest in HSC Pipeline Engineering, which engages mainly in infrastructural pipeline construction and related engineering services mainly for gas, water, telecommunications, and power industries in Singapore.
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