Natural Cool Holdings’ 51%-owned subsidiary Nam Fang Co has granted an option to purchase to ClosetDesign Holding to sell a property located a 9 Kaki Bukit Road 1 #02-10 Eunos Technolink for a consideration of about $1.1 million.
The property is located at level two of a six-storey multi-user ramp-up industrial development and has a leasehold of 60 years with effect from July 9, 1996 with a strata floor area of approximately 246 sqm. The remaining lease tenure of the property is approximately 31 years which will end on July 8, 2056. Based on the latest unaudited consolidated financial statements of the group for the financial period ended June 30, 2024, the net book value of the property was approximately $881,000.
The group is expected to book a net gain of $168,000 from the sale of this property.
The total net proceeds from the proposed sale, amounting to approximately $1.06 million (after deducting related transaction costs), will be used for the repayment of the mortgage on the property and the remaining for the general working capital requirements, thereby reducing the liabilities of the group and interest accrued thereon, and improving the liquidity.
Shares in Natural Cool closed at 3.1 cents on Feb 5.
