Source : Business Times - 30 Jun 2008
Low Keng Huat (Singapore) Limited today said its subsidiary, LKH (Saigon) Pte Ltd (LKHS) has entered into a joint venture agreement to invest and develop about 267,000 sq feet of seafront land in Front Beach, Vung Tau City, Vietnam.
The agreement was signed on June 27, 2008 with The National Oil Services Company of Vietnam (OSC VN), a company belonging to the Ministry of Culture, Sports and Tourism of Vietnam to establish a 75:25 joint venture to build apartments, office building and a five star hotel with retail outlets on the land parcel.
The investment capital of the JV company is about US$48 million of which the charter capital is US$12 million and the balance is loan capital.
Capital contribution of LKHS to the JV is US$9 million.
The establishment of the JV Co and transfer of land use rights of the said parcel of land are subject to approvals of the relevant competent government authorities and the fulfillment of the conditions set forth in the JV agreement.
The JV is not expected to have any material effect on the earnings per share or net tangible assets of LKH for the current financial year ending 31 January 2009. — BT Newsroom
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