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Sunningdale Tech unit sells Guangdong factory for 145m yuan
A UNIT of Sunningdale Tech has agreed to sell a factory and the land that sits on it in Guangdong, China for 145 million yuan (S$28.9 million) to a company that manufactures and sells doors and furniture called Zhongshan Wanbaolongmen Wood Products.
The move allows the precision plastic component manufacturer to dispose of a non-core and excess asset and get additional working capital to improve the group's cash flow and fund its business operations, the company said on Tuesday after market close.
The factory is located at 8 Huo Ju Lu, Tanzhou, Zhongshan, and the land spans 66,700 sq m. The total gross floor area of the building and ancillary facilities is 31,530.87 sq m.
Sunningdale has not conducted business operations at the factory since a restructuring around the second quarter of 2016 and currently earns rental income on it.
Sunningdale closed on Tuesday at S$1.37, down S$0.03 or 2.14 per cent.