An unknown buyer entered into an agreement to acquire a property located at 17 Phillip Street, Singapore from British and Malayan Trustees Limited for SGD 3.7 million.

An unknown buyer entered into an agreement to acquire a property located at 17 Phillip Street, Singapore from British and Malayan Trustees Limited (SGX:B08) for SGD 3.7 million on January 2, 2014. The purchaser has paid to the Company 5% of the sale price with the balance payable on completion. The proceeds will be applied towards working capital of the British and Malayan Trustees.

The transaction is expected to close within 9 weeks from the date hereof.