Neither of the two children were given discounts; sale reviewed by the board and audit and risk committee
[SINGAPORE] Wing Tai Holdings has granted options to purchase four units in the condo River Green to two children of its managing director and chairman Cheng Wai Keung, for a total of S$7.9 million.
The project, located at River Valley, is developed by Wing Tai.
Options to buy two units were issued to Cheng’s son Kelvin Cheng Zen Tak, with the units priced at S$1.963 million and S$1.974 million, the company disclosed in a bourse filing on Wednesday (Aug 20).
Another two options were granted to his daughter Carol Cheng Kar Yee, with the units priced at S$1.985 million and S$2 million.
Both children are trustees on behalf of beneficiaries and neither were given any discounts, Wing Tai said.
The sales have been reviewed by the company’s audit and risk committee and its board, with Cheng Wai Keung and two family members – Edmund Cheng and Cheng Man Tak – abstaining.
The board and audit and risk committee are satisfied that the sales “are not prejudicial to the interests of the company and its minority shareholders”, said Wing Tai.
The committee has also determined that the number and terms of the sales are fair and reasonable.
Wing Tai shares ended Wednesday flat at S$1.36.
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