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Bonvests Holdings to sell leasehold shop in Tampines

MAINBOARD-LISTED Bonvests Holdings on Friday announced that its subsidiary Bon-Food has entered an agreement to sell one of its leasehold shop units for a total consideration of S$14.55 million.

The unit, which is located at Block 829 Tampines Street 81 #01-296, will be sold to Advance Facilities Pte Ltd.

Proceeds from the sale will be used to fund Bonvests' current projects.

The net asset value, aggregate value and net profits attributable to the sale constitute less than 5 per cent of the group's net assets, market capitalisation and net profits, respectively. As such, the sale of the property is not expected to have any material impact on the company's net tangible assets and earnings per share for the current financial year.