Imperium Crown exploring sale of Japan properties portfolio

SINGAPORE (Dec 13): Imperium Crown, the property investment company formerly known as Communication Design International, is exploring the sale of its portfolio of properties in Japan while seeking new sources of revenue and growth.

The divestment strategy comes after new board and management undertook a strategic review of the group’s present businesses and performances.

In its filing on Monday night, the group said yields and returns on its Japanese assets are expected to remain subdued at best due to Japan’s low interest rate environment.

Wan Jinn Woei, group executive Chairman and CEO, says: “With the primary policy of enhancing shareholder value, we are starting to review the assets of the Group and a review of the Japanese economic environment over the past few months has provided us with a view that the yields on real estate assets will continue to be low as the Japanese central bank continues to lower interest rates with the aim of spurring economic growth."

"As such, the board and management are of the view that the current portfolio of Japanese properties does not give us the most optimal return on capital deployed. In response to the review, we will actively explore a divestment exercise to extract the financial resources and value sitting within the current asset base of the Group,” he added.

Wan says the strategy will release capital and give the group the opportunity to explore new business opportunities or options that will deliver increased value to shareholders by unlocking intrinsic value of the group.

At present, the group is in the process of making preliminary approaches to various parties in connection with the divestment and a capital reallocation exercise. So far, no definitive transaction has been entered into by the group with any party, it added.

Shares of Imperium Crown last traded at 6.6 cents. —

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