HLH Group Sells its Farm Resort Business in Singapore to Focus on Cambodia Operations

• 7 June 2021
• Local News
• 2726 Views

Hong Lai Huat (HLG) group will be disposing its entire equity interest in HLH Agri R&D for the price of approximately US$3.6million, with the aim to focus more on their businesses in Cambodia, reported The Business Times.

HLH Agri International has entered into a sale and purchase agreement with Gallop Green, a seafood farming and waste treatment disposal company, for the sale of the entire issued and paid-up share capital of HLH Agri R&D, which comprises some 12.6 million ordinary shares.

Gallop Green has placed a non-refundable deposit of approximately US$75,000 on the mutual understanding.

According to the group, the sale came after the firm intends to completely focus on its business in Cambodia with the proposed disposal being part of its efforts to strengthen its financial position. The board also said the sale will be beneficial to the group in the long run.

Currently, over 95% of the group’s business operations are focused in Cambodia in areas including property, real estate and agriculture while the remaining 5% comes from the farm resort owned by HLH Agri R&D.

The most recent project of the HLH group in Cambodia is its joint proposal with China Machinery Engineering Corp (CMEC) to invest in building a US$200-miilion solar power plant at the Aoral Eco-City in Kampong Speu province. (Read more)

In March this year, the firm obtained approval from the Cambodian government to develop the Aoral Eco-City, which will include an innovative mixed-use development, a state-of-the-art warehouse and logistic hub, as well as agriculture industry and community living concepts.

In September last year, HLH group has also signed an MoU with a Denmark-based farm equipment supplier Skiold A/S on a US$1-billion SEZ to boost food security

Besides, the firm has thus far developed several projects in Cambodia including the D’Seaview in Sihanoukville, and the Royal Platinum in Phnom Penh, among others. (Read more and more)

• Projects Development