18/03/2010 - 13:07

ORH sells Port Hedland property

18/03/2010 - 13:07

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Mining and engineering services company ORH will boost its cash reserves by $2 million following the sale of a Port Hedland property.

ORH sells Port Hedland property

Mining and engineering services company ORH will boost its cash reserves by $2 million following the sale of a Port Hedland property.

The company today said it had today signed a contract for the sale of 30 Pinnacles Street for $3.4 million.

The property was acquired by ORH when it bought the Ridwest Group of Companies from vendor, Joshua Ridley.

The offer to buy the property is conditional on the buyer obtaining finance within 30 days. Settlement is expected in May.

ORH said it had agreed to leaseback the property until July 31.

ORH said after paying out the bank mortgage and transaction costs, it will receive net proceeds of about $2 million, which will be used for working capital and debt reduction.

"This transaction will result in ORH booking a profit of approximately $800,000," ORH said in a statement.

Shares in ORH were unchanged at 3.1c at 15:46 AEDT.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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