Friday, July 2, 2010

Guthrie sells Amoy properties for S$24.5m

Guthrie GTS has sold its properties at 112 to 116 Amoy Street to Sun Venture Invesco for S$24.5 million.

The sale price was negotiated on a willing-buyer and willing-seller basis after taking into account current market conditions.

Guthrie expects to record a net surplus of S$1.85 million from the sale of the properties.

Guthrie said the Amoy Properties are not its core assets and the transaction will allow the Company to realise and unlock the value of the Amoy Properties.

Guthrie added that it intends to use the sale proceeds for working capital purposes and to fund any future capital investment that the Group may require.

Source: Channel News Asia, 2 Jul 2010

No comments:

Post a Comment