Portek buys own office space in Singapore for US$5.5 million

PORTEK International, a port operator headquartered in Singapore, has signed an agreement to purchase six units with a total floor space of 12,324 square feet within the Lion City's Westech Building in Pandan Loop for S$7.05 million (US$5.54 million).


The premises will be used as the new offices for the company and its Singapore subsidiaries. They expect to move in after the renovation works are completed. The company previously rented office space.


It said that 80 per cent of the purchase price will be financed by a bank loan using the property as collateral, with the remaining 20 per cent to be financed through internally generated funds, a statement filed with the Singapore stock exchange said.


The purchase of the new office space is not expected to have any material financial impact on the company and the group for the financial year ending 30 June 2011, it added.
(Source:http://www.schednet.com)