Nexten Bioscience Improves Financial Structure with 21 Billion KRW Real Estate Sale
[Asia Economy Reporter Jang Hyowon] Nexten Bioscience announced on the 10th through a public disclosure that it will improve its financial structure by securing additional cash through the sale of the building and land located at 103-28 Deokjeol-ri, Jeongnam-myeon, Hwaseong-si, Gyeonggi-do.
Nexten Bioscience purchased the property for 17.2 billion KRW after signing the contract on April 9, 2019, and acquiring it on April 22, 2019. Last year, the company additionally purchased surrounding national land for 1.1 billion KRW, making the total acquisition cost 18.4 billion KRW. Through this sale, the company sold the real estate after holding it for two years at 21 billion KRW, securing a profit of approximately 3.1 billion KRW (17%).
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A representative of Nexten Bioscience stated, "We plan to utilize the proceeds from the sale of real estate, which is not directly related to our core business, for CNC main business such as facility investment to expand production CAPA," and added, "With this cash secured, we will improve our financial structure to enhance profitability and strengthen our core business, thereby solidifying our position in the CNC business."
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