Focus on core business is alway good!
COSCO Corporation (Singapore) Limited
(Company Registration No.: 196100159G)
SALE OF PROPERTIES BY HARINGTON PROPERTY PTE LTD
The Board of Directors of COSCO Corporation (Singapore) Limited (“Company”)
wishes to announce that its wholly-owned subsidiary, Harington Property Pte Ltd
(“Harington”), has on 11 November 2005, upon receipt of 1% of the total consideration,
granted a purchase option (“Option”) to 3F Investments Pte Ltd, a company incorporated
in Singapore (Registration No: 200515120R), for the sale (“Sale”) of the properties
known as No. 101, 103, 105, 107, 109, 111, 113 and 115 Telok Ayer Street, Singapore
(“Property”) at the price of S$18.6 million. The balance of the option monies,
representing 9% of the total consideration was received on 25 November 2005. The
balance of the consideration shall be made payable to Harington by 3 February 2006.
The said consideration was arrived at on a willing-buyer-willing-seller basis through
Savills (Singapore) Pte Ltd, a property marketing firm which was appointed to market the
Property on 15 September 2005.
The property has a net book value of S$22.6 million which was based on an independent
professional valuation carried out by CB Richard Ellis (Pte) Ltd on 7 January 2005.
The abovementioned Sale is in line with the Company’s strategy to divest its non-core
property assets and to focus on its core businesses on ship repair and engineering, and dry
A loss of approximately S$4.3 million, including expenses from the sale of the above
property will be accounted in the financial year ending 31 December 2005.
The sale of the above property is not expected to have any material impact on the
Company’s net tangible assets and earnings per share for the financial year ending 31
Directors’ and Controlling Shareholders’ Interest
None of the Directors or controlling shareholders of the Company have any interest,
direct or indirect, in the abovementioned transaction.
BY ORDER OF THE BOARD
29 November 2005