SG brief: CFM Holdings

Measuring tools. Credit: Fleur on UnsplashMeasuring tools. Credit: Fleur on Unsplash

CFM Holdings‘ wholly owned subsidiary Cheong Fatt Holdings has given Hi-Beau Group an option to purchase the company’s interest in the property at 4 Ang Mo Kio Avenue 12 in Singapore for S$13.35 million, according to a filing to SGX Thursday.

An independent valuation by TEHO Property Consultants valued the property at S$13.2 million, said the company, which provides metal stamping services.

“The company believes that the proposed disposal will be beneficial to the vendor as the business as a warehousing and logistics operation is incurring losses due to high interest and other operational costs and it is not contributing effectively to its group’s operations. The warehousing and logistics business will be transferred to another subsidiary to minimise operational expenses,” CFM said.