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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.