LC Dev: Thai subsidiaries have sold two pieces of land for $14.8m and $7.7m in Surat Thani Province, Thailand with combined land area of 121.5k sqm. Land was originally intended for development into a luxury hotel and residential villas but owing to the political uncertainty, co has decided to divest the land…
Co will suffer a loss of $9.2m as the carrying value was $30.4m Proceeds will be used to reduce external borrowings. Net assets are expected to reduce by 0.74c per share due to the divestment. Co has posted most recent quarterly loss of 530k for Mar results.
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