Amap sells property to Hisense SA

Tedelex Properties‚ a wholly owned subsidiary of JSE listed Amalgamated Appliance Holdings (Amap)‚ has sold land and buildings in the Atlantis industrial area in the Cape‚ to Hisense South Africa.

The transaction was effective on July 27 2012.

The property was sold for R35 million‚ less agent commissions and a lease termination consideration‚ resulting in net proceeds of R32 million.

A R1 million deposit was paid on the signature date and the balance is to be secured by bank guarantee within 30 days of the signature date.

The disposal property measures 100‚000 square metres. It was used by the seller in the manufacture of electronic equipment and televisions. However‚ in the 2010 financial year it was decided to sell the Atlantis TV factory operation.

In afternoon trade on the JSE, shares in Amap advanced 14 cents or 5.38% to R2.74.