AcroMeta subsidiary proposes office disposal for $940,000

The group stands to make a profit of $425,000 from the proposed disposal.

Acro Harvest Engineering, a wholly-owned subsidiary of AcroMeta Group 43F, has proposed the sale of its office unit at Unity Centre for a purchase consideration of $940,000.

The property, which is approximately 3,681 square feet with a lease expiry in March 2057, is currently used by Acro Harvest as its office and workshop.

In terms of rationale, AcroMeta says it decided to proceed with the proposed disposal after a strategic review of the financial position, operational needs and long-term business expansion strategy and direction of the group.

While the bank valuation price for the property is in the range of $1.0 million to $1.1 million, the group still stands to make a profit of $425,000 from the proposed disposal.

The net proceeds from the proposed sale would support the group’s operating cash flows and business expansion plans, including investments in the co-working laboratory business.

Shares in AcroMeta closed unchanged at 2.3 cents on March 18.

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