Hatten Land

Hatten Land Seeks Approval for Gold Mart Scheme of Arrangement

Malaysian Property Developer Seeks Restructuring for Gold Mart Subsidiary

Scheme Receives Majority Approval from Malaysian Creditors

Hatten Land Limited, a Singapore-based property developer, has announced its intention to implement a scheme of arrangement for its wholly-owned subsidiary, Gold Mart Sdn Bhd. The proposed scheme, which has obtained majority approval from Malaysian creditors, aims to restructure Gold Mart's financial obligations and facilitate its long-term sustainability.

Gold Mart is a gold and jewelry retail operator with a presence in Malaysia. Hatten Land's proposed scheme of arrangement involves a debt restructuring and the injection of additional capital into Gold Mart. The scheme is intended to provide Gold Mart with a platform to recover from its current financial challenges and improve its financial position.

Hatten Land has stated that the proposed scheme of arrangement is in the best interests of all creditors and shareholders of Gold Mart. The scheme is currently subject to the approval of the High Court of Malaya, and a hearing is scheduled for a later date.

The proposed scheme of arrangement is part of Hatten Land's broader strategy to rationalize its business operations and focus on its core competencies. The company has been divesting non-core assets and streamlining its portfolio in recent years.

The Straits Times