Abterra plans to sell two Suntec office units at S$3.8 million loss
MINERALS and resources company Abterra Ltd on Wednesday said it has entered an option agreement to sell two office units at Suntec Tower 1 for S$9.24 million. The group will incur a pre-tax loss on the proposed disposal of about S$3.76 million. The net book value of the property stood at S$13 million as at Dec 31, 2015.
The units, with an aggregate floor area of 4,400 square feet, were held for rental income but have been vacant for 2.5 months, Abterra said in a regulatory filing. Sale proceeds would be used to reduce bank borrowings and go towards 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
Vietnam delays launch of new stock trading system
Tesla’s plan for affordable cars takes page from Detroit rivals
Meituan to debut in Riyadh as expansion beyond China quickens
Mapletree Industrial Trust to distribute S$13 million of divestment gains over next 4 quarters
K-pop agency Hybe’s internal strife wipes out 1.2 trillion won
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027