DLF Holdings sells second car in less than a month
Add BT as a preferred source
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
Dim sum chain Tim Ho Wan to close first Singapore outlet as part of Plaza Singapura’s redevelopment
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
Sunway MCL, CSC make bold bet on River Valley site with S$1,730 psf ppr bid at S$750.6 million
DBS sees 46% upside for Jardine Matheson; analysts expect it to surpass ‘conservative’ targets
