Oceanus Group (SGX:579) has entered into an agreement for the sale of its property in Fujian, China, in a deal worth SG$19.2 million, according to a Monday filing on the Singapore Exchange.
The buyer, Chen Yong Shun, an existing tenant, is not a related party.
The property, which has a carrying value of SG$8.7 million as of June 30, includes land and aquaculture facilities. The sale is expected to generate a gain of SG$10.5 million.
The company plans to use the proceeds for working capital.
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