Corporate digest
Karin Technology
THE mainboard-listed firm will sell its Shanghai property to an individual, Chen Chen, for 3.2 million yuan (S$620,000). The sale of the property will enable the company to "realise the value of the property and improve its overall cash flow position", it said.
The unit, located at Kerry Everbright City in Shanghai's Zhabei District, was valued at 2.9 million yuan by BMI Appraisals on June 30, 2019. Karin Technology said the fair value gain for the property is 320,000 yuan, that being the excess of sale proceeds over book value. The company intends to use the net sale proceeds for the working capital of its core business.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Philippines’ PLDT in talks to sell up to 49% of data centre business to Japan’s NTT
Infineon launches savings programme as weak demand persists
MAS ‘following up’ with DBS on cause of May 2 glitch in digital banking services
Nintendo to announce Switch successor details this financial year
Brokers’ take: SAC Research initiates ‘buy’ on Soilbuild with S$0.04 target
Aramco to pay US$31 billion dividend as Saudi posts budget deficit