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Karin Technology sells Shanghai property for 3.2m yuan

MAINBOARD-LISTED Karin Technology Holdings will sell its Shanghai property to an individual, Chen Chen, for 3.2 million yuan (S$620,000).

The sale of the property will enable the company to "realise the value of the property and improve its overall cash flow position", it said.

The unit, located at Kerry Everbright City in Shanghai's Zhabei District, was valued at 2.9 million yuan by BMI Appraisals on June 30, 2019.

Karin Technology said the fair value gain for the property is 320,000 yuan, that being the excess of sale proceeds over book value.

A deposit of 50,000 yuan has been paid to its solicitors, pending completion of the sale, which will take place on or before Jan 16, 2020.

The company said it intends to use the net sale proceeds for the working capital of its core business.

Share of the electronics component distributor closed unchanged at S$0.315 on Tuesday.

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