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KOP Limited is disposing of its wholly owned subsidiary, Scorpio East (SE) Properties Pte Ltd, to Cityneon Holdings Limited for about S$2.9 million.
Under the agreement, Cityneon has agreed to assume the liability for repayment of a loan obtained by SE Properties from Hong Leong Finance Limited in the principal aggregate amount of S$23 million.
The existing loan is secured by, among others, a mortgage on the property in favour of the bank as well as a charge over the amount of S$500,000 in SE Properties' fixed deposit account with the bank.
The sale consideration was arrived at on a willing buyer, willing seller basis, after taking into consideration, among other things, the net asset value of SE Properties of S$11.9 million as stated in its unaudited financial statements for the financial year ended Sep 30, 2017, and a dividend amount of S$4.95 million which was declared by SE Properties on Oct 31, 2017 and payable before the proposed disposal.
KOP Limited closed at S$0.09 on Friday, up 0.3 Singapore cent, or 3.4 per cent.