Europtronic

Europtronic: CIMB Maintains Sell with $0.01 TP. Note that grp announced SGX has granted a waiver of the requirement to seek shareholders’ approval for the proposed sale of its office premises at 80 Marine Parade Road

1) The Company is of the view that the Properties constitute non-core assets of the Group and are not necessary or material to the business of the Group.
2) The Properties are sold above the open market value based on the Valuation Report issued by DTZ.
3) Even though the Sale would not result in any excess or deficit of the Sale Price over the net book value of the Properties of S$6,600,000 as at 31 Dec11 or any gain on the Sale, the Sale would enable the Group to realise cash and deploy its financial resources more efficiently.