Pavillon Holdings, an operator of seafood restaurants chain, said its unit acquired commercial properties in Malaysia for 52 million Malaysian ringgit (S$16.7 million).
Fengchi Real Estate Sdn. Bhd., a subsidiary of Pavillon Holdings, bought a commercial complex and adjoining vacant lands in Johor, the company said in a statement on Monday.
The proposed deal was entered into with Hock Der Holdings Sdn Bhd and Ascent Asia Sdn Bhd to carry out property investment activities in Malaysia, it said. The deal is expected to close by January 16, 2018.
The properties comprise 107 lots in a high rise commercial complex and adjoining vacant lands, known as "City Plaza, Johor Bahru", located in the township of Johor Bahru, Malaysia.
Pavillon, which has restaurants located in Singapore, China, and Indonesia, said 70 million new shares would be issued as part payment of the purchase price of the properties.
Singapore-listed Pavillon said it will convene an extraordinary general meeting to obtain shareholders' approval of the proposed acquisition and for the issuance of new shares.
Shares in the company rose 2 percent to S$0.049 on the Singapore Exchange. The stock has gained about 10 percent so far this year.