AIM-listed New Trend Lifestyle Group (NTLG) , the Singapore-based Feng Shui products and services group, has disposed of a property at 145/145A Sims Avenue in Singapore to Nanyang Hardware Pte Limited (Nanyang).
The sale was for a consideration of S$3.35m (£1.78m).
NTLG said the property had an asset value of S$3.19m (£1.69m) and the disposal generated a profit of S$162,667 (£86,437) for it.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
It will apply the cash proceeds to settle the loan raised on the property of S$2.22m (£1.18m) and pay transaction costs estimated at S$476,958 (£253,466). NTLG also said that the balance of the proceeds would be utilised for working capital.
Following the disposal, the company said it would transfer the Sims Avenue business to new premises in Chinatown Point Mall.
NTLG's share price was unchanged at 7.25p on Tuesday.
MF
-
Could investing in sugar protect you during a downturn?Sugar has some defensive qualities during economic downturns, but is now the right time to invest in sugar?
-
Trump’s tariffs: how should the UK respond?Every right-thinking person knows that free trade is a surer route to the wealth of nations than protectionism. So, what is Trump thinking?
