Soil Sub Technologies (ASX:SOI) has been granted a trading halt pending details of an option to acquire a property project in Malaysia.
The lightly capped SOI has been busy of late, which saw the minnow execute a Heads of Agreement in April to acquire Platinum JV Developments, a developer of modern, affordable homes in Malaysia.
Which gets interesting as Platinum has the backing of the Prime Minister of Malaysia Dato’ Sri Haji Mohammad Najib bin Tun Haji Abdul Razak as the Principal Developer for a model township covering 500 acres at Penor.
This would comprise 5,000 houses and associated infrastructure for a budget of RM1.7 billion A$600 million.
This project has the potential to extend to the surrounding 1,500 acres for up to 20,000 houses at the Penor site in total.
The Penor project represents the first phase of this Affordable Housing Project which is targeted at lower to middle income Malaysian citizens.
In October 2013, the Malaysian Government approved a budget of around A$5 billion towards new affordable housing for 90,000 homes.SOI is looking to a capital raising and would need to re-comply with ASX Chapter 1 and 2 listing rules.
The halt will remain in place until the opening of trade on Tuesday 24th June 2014, or earlier if an announcement is made to the market.In all, interesting developments and potential upside looks possible for a company that had been little more than a listed shell.
