DIG buys stake in Sing Holding

Dubai: Singapore-listed Sing Holdings Limited and Dubai Investment Group (DIG), through its subsidiary Dubai Ventures, have become strategic partners through the placement of 27 million new shares in Sing Holdings to DIG at S$0.43 a share, an e-mailed statement said.

The stake represents approximately 10 per cent of Sing Holdings' enlarged share capital, thereby making DIG a substantial shareholder of the home-grown Singapore property company. The shares bought by DIG are part of the share placement exercise that Sing Holdings announced on March 29 and official approval has now been obtained.

DIG is a Dubai Group company, the global financial investor of Dubai Holding. Dubai Holding was established to consolidate the various large-scale infrastructure and investment projects in Dubai.

Through Dubai Group, DIG manages a group of investment companies that focus on identifying, acquiring and building long-term businesses.

It has been aggressively building up a diversified and prestigious worldwide portfolio of investments across the financial, industrial, real estate and hospitality sectors.

"We are honoured to be chosen as DIG's first investment in a property company in Singapore. We are confident that this will be a fruitful partnership," said Lee Fee Huang, Executive chairman of Sing Holdings.

Abdul Hakeem Kamkar, DIG's chief executive, said, "Sing Holdings is a veteran in the island state's property development business. We felt that Sing Holdings has the potential to deliver exceptional returns."

Since November last year, Sing Holdings has been actively making land acquisitions. Founded in 1964, Sing Holdings Limited is the holding company of a property development and investment group.

EXPANSION
Company explores joint ventures

DIG's investment in Sing Holdings is significant for both parties in that DIG is the first global conglomerate to take a substantial equity stake in Sing Holdings, and for DIG, it is its maiden investment in a listed property company in Singapore.

Besides taking a major stake in Sing Holdings, DIG is also exploring joint venture possibilities with the company to develop properties in Singapore. If a joint venture materialises, it would mark DIG's first property development project in Singapore.