Hong Lai Huat Group is selling its subsidiary HLH Agri R& D, which owns D&rsquo Kranji Farm Resort, to Gallop Green for a consideration of $4.8 million.

 

The group, via its subsidiary HLH Agri International which wholly owns HLH Agri R& D, signed a term sheet pursuant to which Gallop Green will acquire the entire equity interest in HLH Agri R& D.

 

In a filing to SGX dated April 22, the group states that HLH Agri R& D has no other significant activity.

 

Gallop Green is a wholly-owned subsidiary of Gallop Stable and has been operating the resort since it was appointed as managing agent in June 2018.

 

Hong Lai Huat announced, on April 15, that the lockdown in Cambodia&rsquo s capital city Phnom Penh as well as Kandal Province will affect its sales in the group&rsquo s property and real estate division.

 

The agriculture division will continue to operate with safe guidelines in place.

The lockdown in the kingdom will last for 14 days from April 15 to April 28 to curb the spread of Covid-19.

 

The group&rsquo s offices in Cambodia will also be required to remain shut during this period. All of its employees have been instructed to work from home.

The government of Cambodia had previously imposed a curfew from April 1 to April 14 from 8pm to 5am. This will be extended for another two weeks along with its lockdown order.