A-Smart's (SGX:BQC) wholly owned subsidiary, A-Smart Property Holdings, entered into a binding memorandum of understanding with EMG Unipessosal LDA for the development of a real estate land in Timor-Leste, according to a filing with the Singapore Exchange on Monday.
The land has a 54,832 square meters area and its 50-year lease was obtained by EMG.
Under the MoU, the land use rights will be assigned to a new JVC with A-Smart Property holding 95% and EMG holding 5%.
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