Darco Water

Darco Water: recently concluded the sale of its land use rights in SongJiang District, Shanghai, comprising an area of ~6,960 sqm together with properties situated on the land to a third party purchaser. Based on FY12 numbers, Darco will record a gain on disposal of $1.9m; NTA will rise from 5.8cts to 6.5cts, and the net loss per share will narrow from 2.5cts to 1.81cts. Mgt intends to use the sale proceeds of Rmb15m for working capital.