MAINBOARD-LISTED construction company Lum Chang on Tuesday said that its wholly owned subsidiary Lum Chang UK Properties had on Monday disposed of its 12.45 million shares - representing 100 per cent of the total share capital - in Old Court House Propco (OCHP) for £19.9 million (S$41 million).
OCHP is a special-purpose company which owns the freehold interest in a mixed-use property located at 42-60 Kensington High Street, London W8 4PD.
Based on the adjusted net asset value (NAV) of OCHP of S$28.0 million as at Monday, the gain after deducting related selling expenses is about S$11.4 million, according to the company.
This transaction marks an opportunity for Lum Chang to realise its investment in OCHP, the company added. Proceeds will be used to fund future investments of the company and its subsidiaries.