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 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 the disposal was completed on 3 September 2026.
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.