Nanofilm Technologies International has exercised an option to purchase the property located at 11 Tai Seng Drive, Singapore for a consideration of $30.38 million.

The option was granted by G.W.T International, with the purchase price arrived after taking into consideration the valuation of the property carried out third-party valuer Real Estate Analytics.

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Nanofilm will fund the purchase through internal funds and bank borrowings.

Shares in Nanofilm closed 4 cents or 0.77% lower at $5.13.