Aspen to buy freehold land in Selangor for $21.5 mil

Aspen to buy freehold land in Selangor for $21.5 mil

By: 
Stanislaus Jude Chan
28/09/17, 08:22 pm

SINGAPORE (Sept 28): Aspen (Group) Holdings’ wholly-owned subsidiary, Aspen Vision Development (Central), has entered into a sale and purchase agreement to acquire a plot of freehold land in Selangor, Malaysia for 66.7 million ringgit ($21.5 million).

Spanning some 22,954 sqm, the currently vacant land is located in a matured township known as Kajang, approximately 30km from the Kuala Lumpur city centre.

It has been approved for a proposed development of two blocks of residential properties comprising Small Office Home Office (SOHO) and serviced apartments, one block of 9-storey podium car parks, sixteen retail units, and other facilities.

Advertisement

The acquisition is expected to be funded by bank borrowings and internal resources.

Aspen says it intends to utilise approximately $2.15 million of the net proceeds from its initial public offering to satisfy the payment of the 10% deposit, which is to be paid upon execution of the agreement today.

The company had allocated $25 million from net proceeds of the IPO for the acquisition of land banks and future developments.

Aspen says the acquisition is not expected to have any material impact on its consolidated net tangible assets per share or earnings per share for the current financial year ending Dec 31, 2017.  

Shares in Aspen closed flat at 23 cents on Thursday.

Datapulse Tech sinks in 1Q losses on impairment loss

SINGAPORE (Dec 13): Datapulse Technology sunk into losses of $1.3 million for the 1Q18 ended October from earnings of $6.2 million a year ago. In 1Q18, revenue from continuing operations fell 31.2% to $3.9 million due to the continued shrinking demand for media storage products and services during the quarter. In 2016, the group entered into a share sale and purchase agreement to dispose of its entire shareholding in One Global Inc, a wholly-owned subsidiary in Taiwan. Other income from continuing operations rose 5.4% to $117,000. However, total operating expenses rose 4.1% to $5.3....
Read More >>

Far East Group subsidiary to sell Selangor factory property for $3.8 mil

SINGAPORE (Dec 13): Refrigeration and air-conditioning systems manufacturer Far East Group announced Wednesday that wholly-owned subsidiary Far East Maju Engineering Works has accepted a letter of offer to sell its factory property in Selangor, Malaysia for RM 11.5 million ($3.8 million). Currently used as a warehouse, the property includes a single storey factory building, a double storey office building, and a piece of freehold industrial land spanning 4,485 sqm. The proposed disposal is expected to result in a gain on disposal of approximately $2.5 million after deducting estimated re....
Read More >>

SIIC Environment subsidiary awarded BOT wastewater project in Jiangsu

SINGAPORE (Dec 13): Nanfang Water, a 91.203%-owned subsidiary of SIIC Environment Holdings, has been awarded a build-operate-transfer (BOT) contract for a wastewater project at HuangQiao Industrial Park in Taixin City, Jiangsu Province, China, by the industrial park's administrative committee.  In a Wednesday announcement, SIIC Environment says the project entails the construction and operation of a wastewater treatment plant with a design capacity of 20,000 tons per day, with a Grade 1A discharge standard for a concessionary period of 30 years beginning from the agreement signing....
Read More >>