Xpress Group (HKG:0185) announced that it has sold to Tng Kay Lim 160 million shares of SingXpress Land Ltd (SingXpress) at a price of S$0.018 per sale share through married trade in the open market, representing 4.78% of the issued and paid-up capital of SingXpress at a consideration of S$2.88 million (HK$17.712 million).

The unit price represents a discount of 21.7% to the closing price of S$0.023 per sale share quoted on the Singapore Stock Exchange on 13 April 2012.

The purchaser (together with his associate) holds 20% of SingXpress Kaylim Pte Ltd (SXKL), an indirect 80% owned subsidiary of SingXpress and is a director of SXKL.

The disposal is expected to generate a profit of S$774,000 (HK$4.758 million) to Xpress Group.

SingXpress is engaged in property development and property trading and investment and treasury investments, whose shares are listed on the Singapore Exchange Securities Trading Limited. Xpress Group has interest in 60.94% of the existing issued share capital of SingXpress and S$13 milion in aggregate principal amount of the convertible bonds due 2014 of SingXpress and is accounted for as a subsidiary of Xpress Group.