In view of the current situation, Hiap Seng is embarking on a restructuring and realignment exercise that includes the disposal of some of its assets. Assets that the company is considering for disposal include freehold land and buildings in Thailand, and leasehold properties in Singapore.
The group has also undergone various cost-cutting measures such as reduction of its headcount and streamlining of its operating processes. It noted that the group has not recorded in its financial statements unrealised surplus of about S$67 million on revaluation of its properties, based on valuations carried out as at March 31, 2019.
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