HL Asia

HL Asia: Co has signed a binding LOI for the sale of HL Karimun Granite to BVI co Hylton Invt and priv indiv Mr Joesoef for $28.0m. HL Karimun has effective ownership of 80% of a quarry on Karimun Island. A non-refundable deposit of $5.0m has been made and is pending an official sale and purchase agreement. Karimun Island itself is the main supplier of raw aggregates (80% share) of Sg’s construction sector. HL Asia now trades at 11.7x fwd P/E.