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KUALA LUMPUR (Nov 12): Property developer Selangor Dredging Bhd's (SDB) associate company SDB Guernsey Ltd has entered into a sale and purchase agreement (SPA) with AL.AN SA for the sale of the former's freehold four-storey building in London.
According to SDB's filing, the property, which is currently let to HSBC Bank Plc on a 15-year full repairing and insuring lease, will be sold for a total consideration of £13 million (RM85.8 million).
It said the figure was agreed upon based on independent valuer Knight Frank LLP's fair value of £11 million.
"The consolidated earnings and net asset will increase by RM6 million while earnings per share will increase by 1.4 sen for the financial year ending March 31, 2016 (FY16) of the SDB group, arising from the profit of the disposal," said SDB.
The group said the disposal will not have any effect on its share capital and substantial shareholders' shareholdings of SDB and will not have any impact on its gearing for FY16.
SDB's share price fell 0.5 sen or 0.5% to close at 99.5 sen for a market capitalisation of RM426.1 million. -- theedgemarkets.com
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