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Spindex acquires 50 year leasehold land in China for $4.2 mil

Samantha Chiew
Updated

SINGAPORE (Apr 11): Spindex Industries announced that its wholly-owned subsidiary, Spindex Precision Technologies (Nantong) Co has acquired a 50 year leasehold land in Nantong Jiangsu, China for about CNY 20.7 million ($4.2 million).

The land has an area of approximately 53,863.87 sqm and will be used for the group’s office and factory building construction in the near future.

Spindex intends to fund this acquisition internally through capital injections and/or loans.

This deal is not expected to have any material impact on the group’s net tangible assets and earnings for the financial year ending June 30, 2019.

Shares in Spindex closed at 90 cents on Thursday.