GRP

GRP: On 30 Jan, group proposed to issue 27.8m new shares (4.75% of enlarged share capital) at $0.10 to Teo Tong How. Net proceeds of $2.8m will be used for new market expansion, new business development plans and new projects. Teo is the Chairman and Managing Director of the Hong How Group, a real estate developer and investor. On 27 Jan, GRP signed a LOI with MGS Resort & Entertainment Co (MGSR) for the acquisition of 30-year leasehold rights to a 32,670 sf land plot in Tamwe Township in Myanmar, which includes the rights to develop, manage and operate service apartments on the site. MGSR is currently negotiating to acquire the land rights from the land owner. Wouldn't rule out that GRP may tap on Teo's expertise in real estate development on its future property plans.