Developer KOP is planning to dispose off an 85%-owned subsidiary, Cranley Hotel Limited, for GBP 17.5 million ($34.3 million).
CHL has entered into an asset purchase agreement on Feb 25 with Belgravia Mews Hotel for the sale of the business and the assets of CHL.
A deposit of GBP1.75 million has been paid to Belgravia, and the remaining sum will be paid upon sale completion.
KOP says the disposal will help free up the group’s cash resources that will be used for the group’s working capital and can be used for repayment of the group’s borrowings.
CHL owns Cranley Hotel, a 39-room boutique hotel in London. According to the group, the book value of CHL’s assets on Jan 31 was $25.3 million and the gain on disposal is $9 million.
Upon disposal, earnings per share will increase to 2.10 cents a share from 1.45 cents a share.
KOP closed unchanged on Thursday at eight cents.
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CHL has entered into an asset purchase agreement on Feb 25 with Belgravia Mews Hotel for the sale of the business and the assets of CHL.
A deposit of GBP1.75 million has been paid to Belgravia, and the remaining sum will be paid upon sale completion.
KOP says the disposal will help free up the group’s cash resources that will be used for the group’s working capital and can be used for repayment of the group’s borrowings.
CHL owns Cranley Hotel, a 39-room boutique hotel in London. According to the group, the book value of CHL’s assets on Jan 31 was $25.3 million and the gain on disposal is $9 million.
Upon disposal, earnings per share will increase to 2.10 cents a share from 1.45 cents a share.
KOP closed unchanged on Thursday at eight cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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