Stock News: UOL Group unit to sell Central Plaza for 175 mln sgd

UOL Group Ltd said its unit UOL Tion Bahru Plaza Pte Ltd will sell the 20-storey office block, Central Plaza, to Bakersfield Pte Ltd for 175 mln sgd. The transaction is expected to be completed within three months from today. UOL said it expects to reap a gain of 79 mln sgd or 9.97 cents per share from the sale, which will be reflected in next year's financial results. "The transaction will enable the company and its subsidiaries to reduce its borrowings and position itself to take advantage of investment opportunities as and when they arise," it said in a statement.