FJ Benjamin in talks to sell Orange Grove property
LUXURY retailer FJ Benjamin Holdings Ltd is in talks with a prospective buyer to sell its property at 6B Orange Grove Road for about $37 million. ‘The proposed disposal of the property is in line with the company’s stated intention to divest the property and use the proceeds to reduce bank borrowings and as working capital for expansion of its businesses,’ the fashion retailer said yesterday, adding that there is no certainty that the sale will proceed.
But should the deal be sealed, the transaction would result in an increase in FJ Benjamin’s net tangible assets per share and earnings per share. For illustration, if the sale was made at the end of FY2006, NTA per share would have risen to 32.32 cents from 30.53 cents. And EPS would have risen to 3.55 cents from 3.53 cents if the transaction had been effected at the start of FY2006.
Source : Business Times - 30 Sep 2006
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