Fragrance sets up UK unit for Liverpool property purchase

FRAGRANCE Group has incorporated a wholly owned subsidiary in the United Kingdom, in connection with its efforts to acquire a property in Liverpool.

Fragrance UK-Liverpool is a property investment company with an initial paid-up capital of £1 million (S$1.76 million).

It has emerged as the top contender in the tender exercise conducted by the Liverpool City Council for a property situated along Dale Street in the city centre in Liverpool.

The property has a land area of 4,570 square metres, and is a historical building spanning three floors. It has 11,494 square metres of floor area.

It is said to have good rail connections within walking distance, and the surrounding area is predominantly hotel/commercial/retail in nature.

Upon the successful award of the tender, the acquisition of the property is not expected to have a material impact on the net tangible assets or earnings per share of the company for the current financial year ending Dec 31, 2017, Fragrance said.

Fragrance shares finished Tuesday 0.4 Singapore cent up at 17.5 Singapore cents apiece.