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DLF Holdings sells BMW for S$72,000 to 'enhance cash flows'

CATALIST-LISTED engineering firm DLF Holdings has sold a BMW 528iA to Abwin (1994), an unrelated third-party buyer, for S$72,000.

The car, which has a net book value of S$114,322, is worth 21.2 per cent of DLF's net asset value.

DLF will book a loss on disposal of S$42,322, but the board considers this to be in the group's interests, it said.

"The disposal allows the group to enhance its cash flows and the group's resources to be deployed for other uses."

The BMW 528iA, with vehicle number SKN3333R, has a certificate of entitlement originally registered on Nov 29, 2013 which will expire on Nov 28, 2023.

DLF shares are mostly illiquid. They last traded at S$0.185 apiece on Sept 5, 2019.