Hotel Grand Central said the proposed transaction will allow it to realise its investment in the office building asset.
The net sale proceeds after full repayment of the residual mortgage loan of NZ$17 million and payment of related transaction costs shall be placed into interest-bearing bank term deposits, the company said. This is pending a decision by directors of the firm on future investment opportunities, Hotel Grand Central added.
Assuming that the proposed disposal had been completed on Dec 31, 2019 and there was no loss in the earnings contribution by PWC Centre for FY2019, Hotel Grand Central's earnings per share would increase to 4.77 Singapore cents after the deal, from 3.64 cents on a pro-forma basis. Meanwhile, its net asset per share would increase to S$1.87, from S$1.86 before the proposed transaction.
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