TT Intl has entered into an exclusive non-binding Heads of Agreement with Sembawang Equity Capital (SEC) with regards to SEC's invt into co's wholly-owned subsi Big Box (BB). Co will sell a plot of land at Jurong East Str 11 to BB for $95m, and BB will be 50% owned by TT Intl and SEC each. Dev of plot will be undertaken by a co related to SEC and upon dev…
TT Intl will lease as master lessee the building from BB. Note that Big Box was supposed to be sold to Boustead but fell through despite entering into a similar Heads of Agreement contract. Co has faced problems in maintaining profitability and continued to post losses in prev quarter results.
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