Real estate agency ERA will aim for a re-listing on the Singapore Exchange within the next two to three years, its new owner, private equity firm Northstar Group, said in a statement on Wednesday.
"We aim to re-list ERA as a 'pure play' real estate brokerage firm on the Singapore Exchange, within the next two to three years," said Northstar managing partner Ashish Shastry in the statement.
Northstar bought ERA for an undisclosed sum from Hersing executive chairman Harry Chua. An earlier Straits Times report put the figure at between $120 million and $140 million, less than the $150 million that Mr Harry Chua originally asked for.
The deal was finalised on Wednesday. As part of the deal, a group of senior ERA executives led by dealmaker Jack Chua will invest in a stake in the company.
"I am happy that Jack will continue to lead ERA under Northstar's ownership. He has played an important role in the growth of ERA over the years. With the sale, now I can focus my time and energy on Hersing's other businesses including dim sum restaurant, Tim Ho Wan," Mr Harry Chua said in the statement.
Mr Jack Chua said in the statement: "Northstar shares our vision to further build on our market-leading position. Together, we plan to introduce new training programmes and IT initiatives to further increase productivity and stay ahead of the curve."