30th Jun 2015 09:28
LONDON (Alliance News) - Laura Ashley Holdings PLC on Tuesday said its Asian subsidiary has acquired a commercial property in Singapore for GBP31.1 million.
The retailer said it will use the property to establish its Asian base, saying Singapore offers the political and economic stability it desires. The eight-storey property is located on New Industrial Road in the north east of the island nation.
The company said it has identified significant growth potential in the Asian market and already operates in the region via franchise partners in countries such as Malaysia, Hong Kong and Japan.
Laura Ashley said the purchase will be partially funded by a SGD42.9 million debt facility provided by DBS Bank Ltd secured against the prroperty, with the remaining SGD23.1 million coming from the company's cash reserves
Shares in Laura Ashley were down 3.3% to 32.16 pence on Tuesday morning following the announcement.
By Sam Unsted; [email protected]; @SamUAtAlliance
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