Companies & Markets

A-Sonic's receives notice of International Plaza collective sale; units valued above book

Published Mon, Aug 9, 2021 · 08:32 PM

A-SONIC AEROSPACE said on Monday that it has received a notice from the collective sale committee of International Plaza, where it has office units.

The mainboard-listed company has an aggregate of around 3,810 square feet of office units at International Plaza, and it is occupying the units, it said in the exchange filing.

Based on the information memorandum prepared by the collective sale committee, the indicative independent third party market valuation of its office units was S$6.6 million, above the carrying value in its accounts of around S$1.4 million, as at June 30, A-Sonic said.

It also noted that the memorandum had a "sale price for illustration only" that put the "approximate gross sale proceeds" of the office units at S$9.3 million.

A-Sonic said that there is no assurance of the collective sale and no certainty on the expected valuation. It added: "Shareholders of the company and potential investors should exercise caution when trading in the shares of the company and refrain from taking any action in respect of their shares in the company which may be prejudicial to their interests."

Edmund Tie & Company, the sole marketing agent for the collective sale of International Plaza, announced last Friday that owners with at least 80 per cent in both strata area and share value of all the units in the development have given their consent for the collective sale.

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It added that International Plaza will potentially be the largest collective sale in Singapore's history both in terms of number of units and value, but the reserve price was not disclosed in Friday's announcement.

The Straits Times previously reported that International Plaza was looking to launch a collective sale in excess of S$2.6 billion back in 2018.

A-Sonic shares closed at 58.5 Singapore cents on Friday, up one cent or 1.7 per cent. At that price, the company has a market capitalisation of about S$34.2 million.