28th Apr 2014 08:55
LONDON (Alliance News) - Motor retailer Inchcape PLC Monday said its Singapore subsidiary will sell its 24 Leng Kee Road property to Wealth Assets Pte. Ltd. for SGD46.2 million, relocating the current body and paint operation at the site to another facility.
The company recently modernised its showrooms at 33 Leng Kee Road, and will use some of the money from the sale of 24 Leng Kee Road to redevelop the Pandan facility where the body and paint operations are moving to. That redevelopment will happen over the next few years.
"Following our recent property portfolio review in Singapore we have decided to relocate the current body and paint operation at 24 Leng Kee Road to our Pandan facility, where we plan to consolidate several consumer and non-consumer facing activities to increase our capacity and productivity," Inchcape Chief Executive André Lacroix said in a statement.
Inchcape shares were up 0.5% at 632 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Inchcape