Tiong Seng Grants Option to Sell Tuas Property for S$10.5 Million
Summary:
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Tiong Seng Holdings has granted an Option to Purchase its leasehold property at 6 Tuas South Street 11 for S$10.5 million to Maxwell Technology Pte. Ltd., an unrelated party.
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The site, currently used by subsidiary Robin Village Development, is a two-storey industrial building with a GFA of 9,688.57 sqm.
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The disposal aligns with shareholder-approved mandates from 2023–2025 and qualifies as a major transaction, with a relative figure of 27.8% under SGX Rule 1006(c).
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The net proceeds of approximately S$10.2 million will be used to repay bank borrowings, enhancing liquidity and asset optimization.
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Despite a book value of S$12.12 million, the sale will result in an estimated loss of S$1.92 million.
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Completion is expected 12 weeks from the exercise of the Option.