SINGAPORE (Sept 29): Shinvest Holding announced Friday that wholly-owned subsidiary Sin Hong Hardware has agreed to sell its leasehold property at 2 Kwong Min Road to Tong Tar Transport Service for $4.4 million.

The property is a single-storey detached factory that sits on a land area of approximate 5,356 sqm.

After all expenses, the proposed disposal is expected to result in a gain of approximately $3.0 million for the company.

The company says it intends to use the proceeds from the sale to pay down its bank loans and generate working capital.

Shares of last closed at 50 cents on Tuesday.