Mainboard-listed Aztech Group has signed a deal to buy a property worth S$10.5 million from shipyard Swissco Structural Mechanical.
The property located at Pandan Road includes an existing office building, five warehouses and a waterfront.
Aztech intends to use internal sources of funds and external borrowings to finance the purchase of the property.
Aztech said in a statement that it bought the property as an investment to facilitate the maintenance of its current fleet of vessels and also to explore additional potential business related to the marine industry.
Source : Channel NewsAsia – 12 Jun 2009