Sawindo Agri, a wholly-owned subsidiary of Kencana Agri, is disposing a property located at 36 Armenian Street for a consideration of US$2.33 million ($3.09 million) to one Foo Maw Shen.

In a filing to SGX dated April 27, Kencana Agri says the property, which is a unit located on the third floor, was previously used as a corporate office by Sawindo Agri and is a non-core asset. The property is currently vacant.

SEE:Kencana Agri reports smaller 3Q losses on lower interest expense, JV share of results

The disposal is expected to result in a loss on disposal of approximately US$33,114 based on the property’s book value of US$2.32 million as of FY2020 ended December.

Based on pro forma financials as of FY2020, Kencana Agri’s net tangible assets per share would decrease from 4.77 US cents to 4.76 US cents, while earnings per share would decrease from 1.40 US cents to 1.39 US cents.

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Shares in Kencana Agri closed up 1 cent or 6.25% higher at 17 cents on April 26.