SINGAPORE: Mercurius Capital Investment said its legal counsels in Malaysia have started the drafting and preparations of the necessary legal documentation for the proposed acquisition of 10 grocery businesses in Malaysia, Bloomberg reported.
Additionally, the company's management has also commenced a review of the financial statements and related financial information of the stores, according to a Monday bourse disclosure.
The Singaporean real estate investment firm previously signed a legally binding term sheet in April to acquire Tan Lee Heng, Songmart Cash & Carry, Granville Grocery and seven Pasaraya Songmart branches located in Kluang, Kulaijaya, Kota Tinggi, Pulai Perdana 2, Sri Stulang, Bandar Tenggara and Chellam, Malaysia, Bloomberg reported.
Mercurius Capital's shares soared over 21% in recent trade.
The Catalist-listed Mercurius Capital Investment Limited is an investment holding company focusing on property development and investment.
Its business currently includes a joint venture with Apex Development Public Company Limited which is developing the Sheraton Phuket Grand Bay Resort.
Mercurius Capital and Apex Development have also entered into definitive discussions on a further joint venture for two other resort properties – namely, Club Med Krabi Resort, and Sheraton Krabi Yao Beach Resort and Residences.