Wah Seong sells idle Singapore asset for RM40m

TheEdge Wed, Jan 05, 2022 07:49pm - 2 years View Original


KUALA LUMPUR (Jan 5): Wah Seong Corp Bhd is selling a leasehold property in Pandan Road, Singapore for S$13 million (RM40.1 million) as part of its initiative to unlock idle assets and improve its working capital position.

The piping expert said its indirect wholly-owned subsidiary in Singapore, WS Engineering & Fabrication Pte Ltd (WSEF), is selling the 13,734 sq m land together with buildings erected on it to Swee Joo (Pte) Ltd (SJPL).

The property is not being used for any of Wah Seong’s fabrication operations as the group has moved its business to Batam Yard, Indonesia a few years ago, the group said in a bourse filing. 

It added that the proceeds of the disposal in Singapore will also be used to expand the group’s fabrication facilities in Batam. 

The deal, which was arrived on a “willing buyer-willing seller basis” will result in a one-off net loss of S$1.39 million — estimated based on the property’s net book value of S$14.91 million as at Dec 31, 2021. 

The transaction is expected to be completed by May 4 this year, said Wah Seong. 

Wah Seong shares closed unchanged at 66 sen, valuing the group at RM511.43 million. 

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

WASCO 1.220

Comments

Login to comment.