Wednesday, October 11, 2006

Stock News: Eastern Holdings buys two properties for 7.29 mln sgd

Eastern Holdings Ltd said its wholly owned unit Monterey Pte Ltd has exercised options to buy two properties in Amoy Street from American Home Assurance Company for 7.29 mln sgd. The company purchased the properties for investment purposes, Eastern Holdings said in a statement. Separately, Eastern Holdings also announced that its units' Monterey Pte Ltd and Eastern Development Pte Ltd have entered into options to sell three properties -- two at Coronation Drive and one at Amoy Street -- for 19.63 mln sgd. The sales are expected to have a positive impact on the group's results for the year ending March 2007.

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