[SINGAPORE] Wing Tai Properties announced on Monday (Jun 23) that its indirect wholly owned Europe subsidiary had sold British Virgin Islands-incorporated Topworth Enterprises for £43 million (S$74.5 million) last Friday after trading hours.
According to a company statement, Topworth Enterprises’ net liabilities had widened to £11.6 million for the financial year ended Dec 31, 2024, from £10 million in the same year-ago period.
The group will record a gain of about HK$31 million (S$5.1 million) from the disposal, which will be accounted for in the consolidated financial statements of the group for the financial year ending Dec 31.
The buyer is an independent third party, Clas Puma, a company incorporated in England and Wales.
The net proceeds from this move of approximately HK$449 million is intended to be utilised as general working capital of the group, wih the deal in line with the company’s broader investment strategy at this time.
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