Ellipsiz, an engineering and advanced packaging solutions provider, has agreed to sell its stake in a building at 12 Joo Koon Crescent for $4.4 million.
The company is expected to register a net profit of $1.7 million from the sale’s proceeds.
According to Ellipsiz, the proposed sale will increase its working capital and improve its financial position.
The lease of the factory-cum-office building property is due to expire in January 2027, with a chance to renew for another 29 years.
In March 2009, the building was damaged in a fire, and restoration works are still underway.
The sale of the building, which is valued at about $4 million, is projected to be completed by August 2010.