World Chinese-language Media (00685) issued an announcement. On November 29, 2023, Nan, a wholly-owned subsidiary of the company...
Zhitong Finance App, World Chinese Media (00685) announced that on November 29, 2023, Nanyang Press Holdings Co., Ltd. (seller), a wholly-owned subsidiary of the company, signed a sales agreement with Dexinli Enterprise Private Limited (buyer) to sell the two-story building (the property) at No. 24, 24A & 24B, Weld Quay (Jalan Pengkalan Weld), 10300 Pulau Pinang, Malaysia (the property), at a total cost of MYR 3.5 million (equivalent to approximately US$753,000), subject to other terms of the existing tenancy agreement and sales agreement.
The proposed sale will enable the seller to monetize its existing assets and enable it to use cash as working capital for the operation of its business.
Since the property has suffered severe wear and tear over the years and the rent of the property is below market standards, the proposed sale offers the Group an opportunity to realize the value of the property. As the seller's business activities will continue, and China Daily and Nanyang Siang Pao will continue to do business with the property through the transfer of deeds until they relocate their offices to a more suitable location, the proposed sale will not adversely affect the Group's operations.