Fragrance subsidiary buys property in Australia for A$1.45m

FRAGRANCE TAS-Hobart Pty Ltd (Fragrance Hobart), a subsidiary of Fragrance Group, has acquired property at 171 Macquarie Street, Hobart, Tasmania for A$1.45 million (S$1.59 million).

The property is adjacent to 173-177 Macquarie Street which is already owned by Fragrance Hobart, the group said on Wednesday. It has a freehold tenure with a land area of about 525 square metres and is currently zoned "central commercial and administrative".

The acquisition was completed on Wednesday with internal funds, and this transaction is not expected to have any material impact on the net tangible assets or earnings per share of the company for the financial year ending Dec 31, 2015, Fragrance Group said.

Fragrance Group's counter closed half a Singapore cent lower at 21 Singapore cents on Wednesday before it announced this development.