Global Yellow Pages lowers purchase price for New Zealand land

GLOBAL Yellow Pages (GYP) on Friday announced that it has entered into a variation agreement to reduce the acquisition price for a plot of land in New Zealand.

GYP's subsidiary Bellfield Estate Limited (BEL) had previously signed a conditional agreement in September this year to buy the plot of land in Papakura, New Zealand, from Motleon Limited, for NZ$38 million (S$37.3 million).

The purchase price is being reduced to NZ$36 million. Accordingly, the deposit is now NZ$3.6 million and the final instalment stands at NZ$7 million.

This final instalment will be further reduced to NZ$6.65 million if GYP pays it on or before March 31, 2020.

The company noted that since a due diligence investigation of the land has been done and that the board of directors have approved the proposed purchase, the deposit of NZ$3.6 million has been paid on Friday.

GYP closed at S$0.19 a share on Thursday.