Jun 2026
Conyers acted as legal advisers on British Virgin Islands law to Astaka Padu Limited, a 99.99% owned subsidiary of Astaka Holdings Limited (“AHL”), a company listed on the Catalist Board of the Singapore Exchange Securities Trading Limited (“SGX-ST”), in connection with the proposed disposal of its entire shareholding in Astaka Padu Sdn. Bhd. to AGP Properties Sdn. Bhd.
The transaction involves the disposal of 100% of the issued shares for a total consideration of RM60 million (approximately S$19.6 million), to be satisfied partly in cash and partly by way of a set-off arrangement. The conditional share sale and purchase agreement was announced on 25 May 2026, and completion remains subject to the fulfilment of conditions precedent, including shareholder approval from AHL.
Astaka Padu Sdn Bhd established in Johor Bahru in 1993, focusing on altering city skylines through high-value property developments.
Director Stacie Seetho and Paralegal Jo Mun Yap of Conyers’ Singapore office advised on the matter, working alongside Rajah & Tann Singapore LLP.