Noel Gifts International 543 has entered into a collective sale agreement in relation to a proposed collective sale of Noel Building at 50 Playfair Road.
The group owns 10 units in the building under its property investment business segment. The units are located on the third, fifth, sixth and seventh storeys.
In a Sept 25 filing on the Singapore Exchange S68 (SGX), Noel Gifts said that it intends to continue engaging in the properties segment business even upon the sale of the units. It will use the proceeds from the sale of the units for “future opportunistic acquisitions and investments” as well as to fund its general working capital requirements.
The company’s gifts segment will be wholly unaffected by the sale of the units.
For the FY2023 ended June 30, the net asset value (NAV) of the units are at 47% compared with the group’s overall NAV.
The net profits attributable to the assets disposed of compared to the group’s FY2023 net profits are at 159%. This is based on the group’s full-year net profit of $225,000, compared to the net profits attributable to the assets disposed of $358,000.
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Shares in Noel Gifts closed flat at 19.2 cents on Sept 25.
