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Tat Hong's unit to sell Australian properties

Published on Jul 7, 2014 8:50 PM

SINGAPORE - Tutt Bryant Group (TBG) , a Tat Hong Holdings unit, is selling and leasing back five Australian properties, said the mainboard-listed company.

Tat Hong said it wants to monetise TBG's properties and redeploy the cash proceeds, such as reducing TBG's bank borrowings and for working capital.

TBG has entered a conditional sale and leaseback agreement with TransLinQ Income to do so.

The move will see interest cost savings of about A$1.7 million per annum (S$2 million), assuming that all the proceeds are used to repay bank borrowings.

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