First Sponsor unit completes acquisition of 60% stake in Guangdong land

MAINBOARD-LISTED First Sponsor’s wholly-owned subsidiary, Wenjiang , has completed its acquisition of 60 per cent of the shares in Concord Focus Development, the Singapore-based property developer said on Monday night.

The SPA stated that 100 per cent of Concord shares will be acquired by FS No 9 and/or other parties as may be nominated by FS No 9 from the three individuals, subject to First Sponsor retaining a controlling stake in Concord after the acquisition. On Monday, First Sponsor said the remaining 40 per cent of Concord shares was acquired by Masaoka Realty Investment , an unrelated third party designated to be one of the purchasers as per the SPA.

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