Selangor Dredging buys property in Singapore for RM147 mil

KUALA LUMPUR (Dec 8): Selangor Dredging Bhd (SDB) has proposed the acquisition of a freehold property in Singapore’s Serangoon Road for S$47 million (RM146.55 million).

The acquisition is being made through Tiara Land Pte Ltd, an indirect 50% associate company. The vendor is National Aerated Water Company Ltd.

In a filing with Bursa Malaysia, SDB said the purchase consideration and development of the property will be funded by a combination of internally generated funds and bank borrowings.

Measuring 31,705 sq ft, the property is situated in an established city fringe residential location, connected to reputable primary schools and near shopping, dining and recreational amenities, said SDB.

In view of this, the group is optimistic about the prospect of the proposed development to be undertaken on the land.

It added that the acquisition will not have any effect on its share capital, substantial shareholdings, earnings, gearing and net assets.

SDB’s share price closed unchanged yesterday at 83 sen, with a market capitalisation of RM353.69 million.

This article first appeared in The Edge Financial Daily, on Dec 8, 2016. Subscribe to The Edge Financial Daily here.