The property has leasehold tenure of 30 years commencing from Jan 1, 2012. The property comprises office and workshop space, with a gross floor area of approximately 1,982.4 sq m and is currently occupied by the Sanli Environmental group for its own use.
The company had appointed United Valuers & Consultants to conduct an independent valuation on the property, which reported on June 22 that the open market value was $4.95 million.
Based on the property’s audited net asset value of approximately $3.295 million as of March 31, the proposed disposal is expected to result in a gain on disposal of approximately $1.655 million. The proposed disposal will result in a positive cash inflow of $4.851 million, says the group.
In June, the group acquired 22 Chin Bee Drive from ESR-LOGOS REIT for $13.8 million to consolidate its corporate office and workshops and house the company’s foreign workers
See also: Sanli Environmental acquires ESR-LOGOS REIT’s property at 22 Chin Bee Drive for $13.8 mil
In May, Sanli Environmental reported earnings of $4.3 million for its FY2023 ended March, up 138% y-o-y.
Revenue for the year increased by 64.6% to $106.4 million. This is attributable to the 78.1% y-o-y increase from the engineering, procurement and construction (EPC) segment and 20.6% y-o-y increase from the operations and maintenance (O&M) segment.
Earnings per share for the year stood at 1.63 cents. The group proposed a first and final dividend of 0.768 cents per share.
Shares in Sanli Environmental closed 0.3 cents lower, or 2.65% down, at 11 cents on Aug 2.
