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Vibrant subsidiary disposing of warehouse for 29m yuan
VIBRANT Group's wholly-owned subsidiary Sanlu Logistics is disposing of a 13,667 sq m warehouse property located in Jiangyin for 29 million yuan (S$5.5 million).
Sanlu Logistics entered into an asset transfer agreement with the current lessor of the land that the property occupies. The cash consideration represents a gain on disposal of 1.3 million yuan.
The firm said the sale proceeds will be used to repay debt and bank borrowings.