Listed Companies' Announcement
NH CERAMICS LTD
ACQUISITION OF RESIDENTIAL PROPERTY
NH Ceramics Ltd is pleased to announce that its wholly-owned subsidiary, Nam Huat Tiling & Panelling Co Pte Ltd ("NHTP") has exercised an option on the purchase of a freehold residential apartment at the D'Ecosia condominium unit #05-06, 27 Still Road South, Singapore (the "Apt") for $1,224,960. The apt is a penthouse unit with a built-in area of approx. 2,045 square feet. The condominium, currently under construction, is expected to be ready before 31 December 2003.
The sale & purchase agreement is made with the developer, Hong Lai Huat Realty Pte Ltd, which is a wholly-owned subsidiary of Hong Lai Huat Group Limited ("HLHG"). HLHG, through its construction subsidiary, Hong Lai Huat Construction Pte Ltd, has regular commercial dealings with NHTP. The purchase consideration is the net price after a special discount from the price list. This acquisition by the Group is for investment purpose and financed by internal funds and a term loan from a commercial Bank.
The acquisition is not expected to have any material effect on the earnings per share nor the net tangible assets per share of NH Ceramics Ltd for the financial year ending 30 June 2002.
None of the directors or substantial shareholders of the Group has any interest, direct or indirect, in the acquisition.
Submitted by Ricky Paul Goh Moh Chye, Managing Director on 29/01/2002 to the SGX