Medtecs sells Philippines properties for US$2.2 million
INTEGRATED healthcare products and services provider Medtecs International Corporation is selling properties in the Philippines for US$2.2 million.
Of the US$2.2 million, US$1.6 million has already been paid to Medtecs as an advance payment, and the balance is payable before Jan 31, 2017, the Catalist-listed firm said.
The properties - five buildings in the Free Port Area of Bataan - had an aggregate book value of US$1.99 million based on the group's 2015 financial statements.
Medtecs said that the sale properties are not a core asset of the group, and the disposal will increase efficiency in the Philippine operations which the company is in the midst of streamlining.
The group expects to record a net gain of about US$208,251 from the proposed disposal, and net proceeds of about US$2.2 million. It plans to use these to repay its bank borrowings and as general working capital.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
BHP to decide on future of nickel business by August, trims met coal estimates
South Korea’s LG Electronics plans to raise up to US$1 billion with dollar bonds: sources
Apple CEO to meet Lawrence Wong to wrap whirlwind Asia tour
China reiterates need for steady yuan amid fragile confidence
Singapore loses ‘world’s best airport’ crown to Qatar
Elon Musk stakes fortune on cult following who made him rich