Sanli Environmental sells leasehold property for $5.3m

The company said that the property cannot accommodate its expanding operation.

Sanli Environemtal Limited, through its wholly-owned subsidiary Sanli M&E Engineering, sold a leasehold property for $5.3m to EDZ Interior Contracts, according to a bourse filing.

The property has a leasehold tenure of 30 years starting from 2012. It has office and workshop spaces with a gross floor area of 1,982.40 sqm.

The company said that the property cannot accommodate its expanding operation due to its limited space.

Its disposal will result in a positive cash inflow of $5.22m, thereby improving the liquidity of Sanli. It would also allow the company to reallocate resources for optimising the utilisation of assets.

The company also said it will also use the net proceeds for its general working capital requirements.

As of writing, EDZ Interior Contracts has already paid $264,141.41 in cash.