DRB-Hicom clarifies The Verge price tag
PETALING JAYA: DRB-Hicom Bhd has clarified that the price tag of its property in Singapore, The Verge, is not 40% below an earlier aborted deal.
The issues revolves around its wholly owned subsidiary Hicom Megah Sdn Bhd securing a buyer for the property at a price of S$189.75 million (RM575.5 million), which is much lower than the S$317 million indicative purchase consideration under an earlier aborted sale to Evolutyon Real Estate Investment Holding Pte Ltd.
The group said in a statement yesterday that the S$317 million was prior to the agreed adjustments which substantially comprise the redemption of Corwin’s outstanding loan facility amounting to S$85.52 million, whereas under the current transaction, the said loan facility will remain in Corwin.
“In this regard, the appropriate comparison should be drawn from net sale proceeds (which appear in Section 8: utilisation of proceeds from proposed disposal in our respective Bursa announcements dated Dec 21, 2015 and Sept 22, 2016), which is S$210.08 million against S$189.75 million, a lower difference of 9.67%,” said its group managing director Datuk Seri Syed Faisal Albar.