On April 6, Twinkle Investment acquired 15,238,300 shares of Boldtek Holdings for a consideration of S$1,219,064 at 8.0 cents per share.

 

Twinkle Investment is now a substantial shareholder of Catalist-listed Boldtek Holdings with an 8.21 per cent direct interest as of April 6.

 

Twinkle Investment is owned by Neo Kah Kiat, the founder, chairman and CEO of Neo Group, and his spouse, Liew Oi Peng, executive director of Neo Group.

 

Boldtek announced that it had entered into a joint venture agreement with Neo Group back on Aug 28, 2020, primarily to carry out the business of property development, property investment and property management.

 

The Singapore Exchange Regulation (SGX RegCo) has issued a query to Boldtek Holdings at 2.46pm on April 6 after shares in the construction company surged to 11.1 cents around the same time.

The higher price represented a 54.2% hike from its last close price of 7.2 cents.

 

Boldtek has since issued a response that while it is unaware of any unannounced information concerning the company, it had received a substantial shareholders&rsquo notification from its new shareholder, Twinkle Investment Pte Ltd.

 

Twinkle Investment had acquired some 15,238,300 shares in Boldtek via an off-market transaction. The number of shares represents some 8.21% of the total issued shares in the company, higher than the 5% stake threshold that requires shareholders to disclose their interest on SGX.

 

According to Boldtek, the company had intended to release the announcement after trading hours on April 6.

 

Twinkle Investment is owned by Neo Kah Kiat, the founder, chairman and CEO of Neo Group Limited, and his spouse Liew Oi Peng, Neo Group&rsquo s executive director.

 

Boldtek Holdings and Neo Group Limited, on Aug 28, 2020, established a joint venture company (JV Company) to develop, invest and manage property.

 

Boldtek Investment, a wholly-owned subsidiary of Boldtek Holdings has made an offer to purchase on an en bloc basis, a residential property located at No. 8 Lorong 25A Geylang Road for a sum of $26.5 million.

 

NNB 8 Development (NNB8), which was nominated the purchaser of the property, was incorporated on Dec 28, 2020, by Neo Group&rsquo s 50%-owned joint venture company, NNB Global Development.

 

It had an issued and paid-up capital of $1 million comprising 1 million ordinary shares held by NNB Global Development, SG Sovereign Real Estate and Exclusive Development at 80%, 10% and 10% respectively.

 

The principal activity of NNB8 will focus on property development, property investment and property management.

 

The effective interest of Neo Group in NNB8, through NNB Global Development, is 40%.

The offer was accepted by majority of the registered subsidiary proprietors of the property on Dec 22, 2020.

 

The property is located on a freehold site with an area of 11,459 sqft and is zoned for residential or institutional use with a gross plot ratio of 2.8 and an allowable height of up to eight floors.

 

The purchase price was arrived at after assessing and evaluating the current market prices of similar properties in the surrounding area, as well as the redevelopment potential of the property.

 

An initial deposit of $200,000 has been paid on Dec 21, 2020.

 

NNB8 will pay the deposit of 10% of the purchase price in two installments. The first, being 5% of the purchase price after the initial deposit, was paid on Jan 4.

Another 5% of the purchase price will be paid within one week from NNB8&rsquo s receipt of the order for sale or the signing by all the remaining registered subsidiary proprietors of the property.

 

The balance of the purchase price will be paid on the date of completion, which is around three months from the date of contract.

CATALIST-LISTED construction player Boldtek Holdings wants more time to put out its latest annual report and hold its annual general meeting (AGM) for the year to June 30, as the board said on Friday that audit work was delayed by the circuit breaker.

 

Boldtek has applied for an extra month to issue its annual report by Nov 15 and also wants to push back the AGM deadline to Nov 30.

Boldtek

 

Between May 28 and June 2, Yi Investment Pte Ltd acquired 370,600 shares of Boldtek for a consideration of S$39,871 at an average price of 10.76 cents per share.

 

Yi Investment shareholders are Boldtek executive director and CEO Phua Lam Soon (50 per cent) and executive director Ong Siew Eng (50 per cent). Mr Phua and his spouse Ms Ong are also the co-founders of the group. Mr Phua is in charge of setting out strategic plans, steering business development and the overall management and day-to-day operations for the group, and he has more than 30 years of experience in Singapore' s building construction industry.

 

Ms Ong oversees the group' s human resource management and administrative functions.

 

The couple' s combined interest in Boldtek is 64.59 per cent.