DJ Singapore's Wheelock Buys 10% Of SC Global For S$112M
SINGAPORE (Dow Jones)--Wheelock Properties Singapore Ltd. (M35.SG) said Friday it bought a 10% stake in luxury property developer SC Global Developments Ltd. (S72.SG) for S$112 million.
The 18.682 million shares were purchased from Roveron Pte. Ltd. for S$6 each, Wheelock said in a statement. SC Global's shares closed Friday flat at S$6.45.
"This acquisition is intended to be for long-term investment in a well managed and respected Singapore property company. The purchase consideration will be financed by internal funds," Wheelock said.