reporter2
23-08-21, 17:48
Hiap Hoe shares rise 3%; firm owns units at Orchard Towers
Its subsidiary is the registered proprietor of 59 strata lots at Orchard Towers
Aug 21, 2021
SHARES of Hiap Hoe rose sharply in early morning trade on Friday, after the company revealed in a regulatory filing after the market closed on Thursday that it owns 59 strata lots in Orchard Towers via its subsidiary, Golden Bay Realty.
As at 9.01 am, the mainboard-listed company's shares hit an intra-day high of 69.5 cents, up 6.1 per cent or four Singapore cents, after 61,100 shares changed hands.
The shares closed at 67.5 cents, up 3.1 per cent or two cents on Friday.
No married deals were recorded, according to ShareInvestor data.
In its regulatory filing, the company said that its subsidiary is the registered proprietor of 59 strata lots at Orchard Towers, 21 of which are shops and 38 are offices.
The filing came after news broke that Edmund Tie has been named marketing consultant for the potential collective sale of Orchard Towers, while Legal Solutions LLC is the appointed law firm.
In a letter dated Aug 17, Orchard Towers' collective sales committee informed owners about the two appointments and has begun discussing the method of apportionment of the collective sale proceeds with the advice of both firms.
At least 80 per cent of the owners will have to consent before an en bloc tender can be launched.
In its filing, Hiap Hoe also noted that there is no certainty the collective sale of the mixed-use development will proceed or be completed, and that it will provide further material updates at the appropriate time.
Its subsidiary is the registered proprietor of 59 strata lots at Orchard Towers
Aug 21, 2021
SHARES of Hiap Hoe rose sharply in early morning trade on Friday, after the company revealed in a regulatory filing after the market closed on Thursday that it owns 59 strata lots in Orchard Towers via its subsidiary, Golden Bay Realty.
As at 9.01 am, the mainboard-listed company's shares hit an intra-day high of 69.5 cents, up 6.1 per cent or four Singapore cents, after 61,100 shares changed hands.
The shares closed at 67.5 cents, up 3.1 per cent or two cents on Friday.
No married deals were recorded, according to ShareInvestor data.
In its regulatory filing, the company said that its subsidiary is the registered proprietor of 59 strata lots at Orchard Towers, 21 of which are shops and 38 are offices.
The filing came after news broke that Edmund Tie has been named marketing consultant for the potential collective sale of Orchard Towers, while Legal Solutions LLC is the appointed law firm.
In a letter dated Aug 17, Orchard Towers' collective sales committee informed owners about the two appointments and has begun discussing the method of apportionment of the collective sale proceeds with the advice of both firms.
At least 80 per cent of the owners will have to consent before an en bloc tender can be launched.
In its filing, Hiap Hoe also noted that there is no certainty the collective sale of the mixed-use development will proceed or be completed, and that it will provide further material updates at the appropriate time.