TT International has agreed to buy the furniture & furnishing asset of Novena Holdings in a deal valued at S$13.5 million.

The transaction will be done through the sale and transfer of Novena Holdings’ stake in six units to TT International.

In return, TT International will issue to Novena Holdings new shares at 20 cents each.

This is a 14 percent premium to its closing price of 17.5 cents last Friday.

In addition, Novena Holdings will pay cash for a further 3 percent of new shares at the same price.

When the deal is done, Novena Holdings will become the second largest shareholder in TT International.

TT International plans to incorporate Novena Holdings’ furniture & furnishing business into its consumer electronics retail stores in Singapore and Indonesia.

This will enable it to provide a one-stop home and electronics solution to end-consumers in Singapore and Indonesia.

It hopes to rapidly replicate this formula in its other key markets in Southeast Asia, namely Brunei, Cambodia and Vietnam.

CNA/so

Tags: Asia, Brunei, Cambodia, electronics, Furniture, Indonesia, Price, retail, retail store, retail stores,