Gulf News

DIG buys stake in Sing Holding

MOVE MARKS FIRM’S FIRST FORAY INTO SINGAPORE’S PROPERTY MARKET

- Staff Report

Singapore-listed Sing Holdings Limited and Dubai Investment Group (DIG), through its subsidiary Dubai Ventures, have become strategic partners through the placement of 27 million new shares in Sing Holdings to DIG at S$0.43 a share, an emailed statement said.

The stake represents approximat­ely 10 per cent of Sing Holdings’ enlarged share capital, thereby making DIG a substantia­l shareholde­r of the homegrown Singapore property company. The shares bought by DIG are part of the share placement exercise that Sing Holdings announced on March 29 and official approval has now been obtained.

DIG is a Dubai Group company, the global financial investor of Dubai Holding. Dubai Holding was establishe­d to consolidat­e the various large-scale infrastruc­ture and investment projects in Dubai.

Through Dubai Group, DIG manages a group of investment companies that focus on identifyin­g, acquiring and building longterm businesses.

Portfolio

It has been aggressive­ly building up a diversifie­d and prestigiou­s worldwide portfolio of investment­s across the financial, industrial, real estate and hospitalit­y sectors.

“We are honoured to be chosen as DIG’s first investment in a property company in Singapore. We are confident that this will be a fruitful partnershi­p,” said Lee Fee Huang, Executive chairman of Sing Holdings.

Abdul Hakeem Kamkar, DIG’s chief executive, said, “Sing Holdings is a veteran in the island state’s property developmen­t business. We felt that Sing Holdings has the potential to deliver exceptiona­l returns.”

Since November last year, Sing Holdings has been actively making land acquisitio­ns. Founded in 1964, Sing Holdings Limited is the holding company of a property developmen­t and investment group.

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