AFP sells U.S. properties

AFP sells U.S. properties

SINGAPORE (Reuters): Asia Food & Properties Ltd (AFP), an arm of Indonesia's Sinar Mas group, said yesterday it had completed the sale of several U.S. properties for a total cash consideration of US$265 million.

It said in a statement the properties, located in Texas and California, were owned by its subsidiaries and affiliates of a wholly-owned U.S. subsidiary, Octagon Overseas Investment Corp.

The estimated aggregate net book value of the properties as at Jan. 31, 1998 was $191 million.

The net profit before taxation on the sale attributable to the group was about $57 million.

It said the transaction would increase the earnings per AFP share by about Singapore $0.03 and reduce the net tangible assets per AFP share by about S$0.04 based on its financial year ended December 31, 1997.