Heeton enters S$33.1m related-party JV to take 5% stake in Upper Thomson mixed-use project
Summary:
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Heeton’s unit Heeton Homes will hold 65% of new JVCo Thomson Invesco, alongside Astra Horizon Ventures (10%) and Hong Heng Company (25%), to acquire 5% equity in two Wee Hur Thomson project companies.
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The JVCo will invest in a planned integrated residential-and-commercial development at Upper Thomson Road (Parcel A), with each target company owning one component of the project.
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Heeton’s total commitment via share subscription, shareholder loans and guarantees is about S$33.10 million, representing 7.85% of the group’s audited NTA as at 31 December 2024.
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Heeton will extend approximately S$8.78 million of the S$13.5 million shareholder loans and provide about S$24.32 million of guarantees in proportion to its 65% stake in the JVCo.
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The JV is classified as an interested person transaction involving executive chairman and controlling shareholder Toh Giap Eng and his associates, but falls under SGX Mainboard Rules 916(2) and 916(3) exemptions; the audit committee deems the terms not prejudicial to minority shareholders.