Selangor Dredging”s associate to dispose of property in London for RM85.8 Million

Selangor Dredging''s associate to dispose of property in London for RM85.8 Million

KUALA LUMPUR, Nov 12 — Selangor Dredging Bhd’s associate company, SDB Guernsey Ltd, had entered into a sale and purchase agreement with AL.AN SA, a company incorporated in Luxembourg, for the proposed disposal of a property in London for 13 million Pounds (RM85.8 million).

In a filing to Bursa Malaysia, Selangor Dredging said the freehold four- storey building is currently let out to HSBC Bank Plc on a 15-year full repairing and insuring lease expiring on Feb 20, 2020.

“The current rental is 410,000 Pounds per annum,” it said.

SDB Guernsey is a wholly-owned by Chedstone Investment Holdings Pte Ltd, an associate of SDB International Sdn Bhd, which in turn is a wholly-owned subsidiary of Selangor Dredging.

“The disposal will not have any effect on the share capital and substantial shareholders’ shareholdings of Selangor Dredging and not have any financial impact on the gearing of the company for the financial year ending March 31, 2016,” it added.

— BERNAMA

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