IEV Holdings is selling off its corporate headquarters in Malaysia in a "cost rationalisation exercise", the Catalist-listed offshore engineering and gas company said.
Its office unit in Petaling Jaya is being sold for RM9.2 million (S$3.06 million), excluding tax, to Malaysian property and construction company Vizione Holdings.
Most of the proceeds will go towards fully settling a related property bank loan - to the tune of RM6.69 million - as well as towards working capital.
IEV said it plans to move its headquarters to a smaller, leased office in the area, as the property being sold has more office space than the group needs.
The office was sold for less than an independent professional valuation, amid "prevailing property market conditions".
The roughly 13,350 sq ft office unit, which has 87 years and six months left on its 99-year lease, was valued at RM9.35 million in November 2017.
Investment holding company k1 Ventures fell into the red in its second quarter, chalking up a net loss of $3.1 million from net profit of $6.6 million in the year-ago period.
The slide in net profit was due mainly to an increase in other operating expense in the current period, and a foreign exchange gain recorded in the prior year of $5.1 million, it said.
For the three months ended Dec 31, revenue plunged 56.9 per cent to $1.5 million from the previous year.
k1 made a loss per share of 0.71 cent, compared with earnings of 1.53 cents in the preceding year.
Net asset value per share dropped to 37 cents as at Dec 31, from 76 cents as at June 30.
Y Ventures Group
Catalist-listed Y Ventures Group will place out five million new shares to strategic investor R3 Asset Management to raise $1.2 million.
At 24 cents apiece, the placement price represents a discount of 9.6 per cent of the volume weighted average price of the stock traded on Jan 8, the day the subscription agreement was signed.
Both parties also signed a non-binding framework agreement in which R3 will endeavour to introduce new retail brands, strategic alliances and possible acquisition targets for Y Ventures.