DLF Holdings sells second car in less than a month
Sharon See
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.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Genting Singapore trails MBS, but helps anchor Malaysian parent group’s finances
He built the Vingroup empire. Now South-east Asia’s richest man is handing some key roles to his sons
CDL to invest S$5 billion, target S$6 billion divestments under refreshed strategy
Stocks to watch: CDL, Centurion, Oiltek, Geo Energy Resources
