Tung Lok Signatures (2006), a wholly-owned subsidiary of Tung Lok Restaurants 540 , has entered into a three-year tenancy agreement with China Classic to operate its “Qin” restaurant in The Clan Hotel at 10 Cross Street.
The estimated rental fees for units #04-01 and #05-01 payable for the duration of the lease is approximately $1.2 million, or 8.18% of Tung Lok’s latest audited net tangible assets (NTA) of the group.
As at March 31, Tung Lok’s latest audited NTA stood at $15.1 million.
The Clan Hotel is owned by China Classic, which in turn is 50% beneficially owned by Philip Ng. Ng is a controlling shareholder of Tung Lok as he has a controlling interest in Goodview Properties, which in turn holds a 19.69% stake in Tung Lok.
As such, the tenancy agreement constitutes an interested person transaction (IPT) according to Chapter 9 of the Singapore Exchange S68 (SGX) Catalist rules.
Shares in Tung Lok closed unchanged at 9.5 cents on April 19.
