You are here

DLF Holdings sells second car in less than a month

ENGINEERING firm DLF Holdings has sold a second car – a Mercedes Benz S320L – less than a month after it sold a BMW to “enhance cash flows”.

The Mercedes was sold to an unrelated third party at S$161,353, the highest price among three quotations, even though its net book value was about S$190,493, the Catalist-listed firm said in an exchange filing.

Despite the S$29,140 loss, DLF Holdings said it considers this transaction to be “in the best interests of all shareholders” as the car is a depreciating non-core asset.

It added that it did not derive any income from the car, which was used as a company vehicle for transportation purposes.

The company also said it intends to use the net proceeds for general working capital requirements of the group.