GP Batteries, a developer and seller of batteries, on Friday said it received 73.5 million yuan (about S$1.5 million) as the second tranche of payment for the sale of a property in Dongguan, China.
GP Batteries' wholly-owned subsidiary Dongguan Chao Ba Batteries agreed to sell an industrial land in Dongguan last year for S$21.9 million last year.
The property is an industrial complex located in Hong Ye Industrial Zone. It was used by the group as a factory for the manufacturing of batteries.
The board on Friday said that all the conditions relating to the sale have been satisfied and Dongguan Chao Ba has received the second tranche payment.
The estimated gain on disposal of the property is about S$20.7 million before tax.
Last month, GP Batteries requested to suspend the trading of its shares on the Singapore Exchange following the fall of its public float to below 10 percent.
GP Industries, which holds about 65 interest in GP Batteries International, had in September launched a voluntary conditional cash offer for GP Batteries International at S$1.30 per share in a bid to privatise and delist the 64.88 per cent subsidiary.