Medtecs sells Philippines properties for US$2.2 million

INTEGRATED healthcare products and services provider Medtecs International Corporation is selling properties in the Philippines for US$2.2 million.

Of the US$2.2 million, US$1.6 million has already been paid to Medtecs as an advance payment, and the balance is payable before Jan 31, 2017, the Catalist-listed firm said.

The properties - five buildings in the Free Port Area of Bataan - had an aggregate book value of US$1.99 million based on the group's 2015 financial statements.

Medtecs said that the sale properties are not a core asset of the group, and the disposal will increase efficiency in the Philippine operations which the company is in the midst of streamlining.

The group expects to record a net gain of about US$208,251 from the proposed disposal, and net proceeds of about US$2.2 million. It plans to use these to repay its bank borrowings and as general working capital.