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Proposed disposal of Epic Land unit for S$16.7m

THE proposed disposal of a wholly owned subsidiary of Epic Land - a real estate investment holding consortium between Lian Beng Group, KSH Holdings, KOP and private capital firm Centurion Global - was announced on Monday.

For an aggregate consideration of S$16.7 million, the firms have executed a sale and purchase agreement to dispose of the entire paid-up share capital of Epic Land (19-2) and the settlement of shareholders' loan to an unrelated third party.

This comes less than eight months after Epic Land was incorporated.

Made on a willing-buyer-willing-seller basis, the transaction sum took into account the shareholders' loan related to Epic Land, the cost of the property and the prevailing market conditions.

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Upon completion of the proposed disposal, Epic Land (19-2) will cease to be an associated company of the above companies.

No valuation was commissioned for Epic Land (19-2), but as at Dec 26, 2014, its unaudited net liability value stood at approximately S$86,593.46.

The board of directors of both KOP and KSH do not expect the proposed disposal to have any material impact on the net earnings per share or the net tangible assets per share of the group for their current financial year.