by Cheryl Tay Tanah Investments Pte Ltd (TIPL), a wholly-owned unit of SC Global Developments, is acquiring a resort development in Bali for US$32.5 million (S$40.69 million).
According to its filing, TIPL will acquire shares in two companies — Lotusvale Ltd and Tannerson Ltd — to form an entity, PT Tanah Green Investments (PTTGI), which will undertake the acquisition of the resort development.
SC Global said the price tag was confirmed on a willing buyer-willing seller basis, based on the plan to develop the resort development site into a hotel and a villa resort.
"The directors (of SC Global) are of the view that the acquisition is a viable investment which will enable the company to diversify into a new geographical location and participate in the rapidly developing market in Indonesia," it said.
"Bali is a well-known international tourist destination and is a natural location for the company to expand its Seven Palms brand, which the company has successfully embarked on in Sentosa Cove, Singapore."
With a total land area of approximately two million sq ft, the development site sits atop a cliff overlooking the Indian Ocean.
SC Global noted that the acquisition will be funded through internal resources and is not expected to have any material effect on the company's financial results for FY2012.
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