Mercurius Capital to Receive ~S$5.5M from JV Land Sale in Phuket Amid Legal Dispute Resolution
Summary:
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Mercurius Capital’s 50%-owned JV, Grand Bay Hotel (GBH), has completed the THB 625 million (~S$23 million)sale of six land plots in Phuket on 7 July 2025.
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Sale proceeds will be used to repay debts to CS Property, settle legal and enforcement costs, and distribute any remaining funds to GBH shareholders.
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The land had been seized due to a civil court judgment involving GBH's loan default; direct sale was pursued to avoid a forced auction at lower value.
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Mercurius expects a cash inflow of ~S$5.3–S$5.5 million from GBH’s liquidation, plus an interim THB 25 million (S$1 million) loan to support working capital.
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Although Chapter 10 rules don’t apply (as GBH isn’t a subsidiary), the disposal is deemed material to Mercurius' financials and announced under Rule 703.
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Liquidation of GBH is expected within three months, subject to developments and SGX approval for interim fund use.