Friday 23rd April 2004 |
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The agreement is subject to the satisfaction of certain conditions precedent including financing, regulatory approvals and certain landlord consents.
If the conditions are satisfied, the price will represent a significant gain on the carrying value of assets and will result in an exceptional gain in the second half of the current financial year.
In the year to August 31 the ASPAC Retail business (excluding the Singapore Airport operations) generated £5m of operating profit and at 31 August 2003 had net assets of £28m.
The proceeds from disposal will be used for general corporate purposes.
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