OFFSHORE and marine engineering contractor Mencast Holdings plans to sell its property at 7 Tuas View Circuit for S$13.5 million to repay borrowings as it undergoes debt restructuring, the company announced on late Monday. Read more at The Business Times.
OFFSHORE and marine engineering contractor Mencast Holdings plans to sell its property at 7 Tuas View Circuit for S$13.5 million to repay borrowings as it undergoes debt restructuring, the company announced on late Monday.
The company noted that the selling price of S$13.5 million is lower than the property's outright valuation of S$16.3 million, but higher than the forced-sale valuation of S$13 million, and that this is the only offer it has received since it started accepting offers for the property in April last year. The valuations were made by RHT Chestertons as at Jan 23, 2019, and commissioned by United Overseas Bank , which the property has been mortgaged to.
The property has a lot area of 8501.20 square metres, and a floor area of 8,685.93 sq m. It is leased from Jurong Town Corporation with a tenure of 30 years commencing from Dec 1, 1998, with an option for a further 23-year term from Dec 1, 2028.
Once the restructuring period is over, Mencast's working capital will be turned into a 24-month amortising term loan. The group had about S$189.9 million in bank borrowings as at Sept 30, 2018 – most of it secured by its leasehold buildings, vessels, short-term bank deposits, trade receivables and corporate guarantees.
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