8I Holdings (ASX:8IH) has entered into a sale and purchase agreement to acquire 51% of Singapore-based property and events management business Hemus Pacific Private for S$2.4 million (A$2.2 million).
Hemus has been operating since 2005 with audited FY2013 revenue in excess of S$4.5 million.
It acquisition provides 8I with access to retail properties and events operated by Hemus.
These properties are typically located in retail shopping centres and mass transit interchanges with very high foot traffic.
Hemus specialises in operating promotional events in these locations, which can be synergised to provide 8IH with ongoing opportunities to attract enrolments for its financial education seminars and courses.
It operates as a master property manager for many locations in mass transit terminals and has close working relationships with public transport operators SBST and SMRT.
8I anticipates that relationships with these clients will provide 8IH with access to future property co-development and investment opportunities with prominent real estate owners and developers.
