Kim Heng (SGX:5G2), through its wholly-owned subsidiary, Kim Heng Marine & Oilfield, accepted a conditional letter of intent from Greentec Energy to sell its Singapore property for SG$13.5 million, according to a filing with the Singapore Exchange on Tuesday.
The subsidiary is a property licensee under an agreement with the Jurong Town Corporation, which owns the land.
The property located at 48 Penjuru Road, Singapore, comprises a four-story single-user warehouse with ancillary offices and has a site area of 19,512 square meters.
Following the completion of the disposal, the group will consolidate its operations at its registered office at No. 9 Pandan Crescent.
Shares of the offshore marine contractor were down over 1% in recent trading.
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