Catalist-listed e-commerce company Y Ventures Group has proposed to dispose its property at 46 East Coast Road, #09-06 Eastgate, to PAL Container Line for a consideration of $2 million.
The company’s wholly-owned subsidiary, LYJ International, had granted PAL Container Line an option to purchase on Aug 27.
The option will remain valid till 4pm on Sept 10.
The freehold unit has a lot area of around 1,163 sq ft and is currently being rented out.
According to the independent valuer appointed by Y Ventures Group, the property is said to be valued at $1.95 million.
In its statement, Y Ventures Group says it intends to use the net proceeds of $850,000 for its general working capital requirements.
As at 9.48am, shares in Y Ventures Group are trading 0.2 cent lower or 5.41% down at 3.5 cents.