RAKON LIMITED (NZX: RAK)
Rakon today announces the sale of its Argenteuil, France property for a total consideration of EUR 2.7 million, before costs.
Argenteuil had previously been the main operational site for the manufacture of discrete OCXOs, which in recent years has shifted to Centum Rakon India. The property sale has been achieved following a lengthy re-zoning process.
Rakon will continue to maintain a research & development centre in the area, with employees relocated to a leased building in Gennevilliers, France.
An accounting gain that results from the sale of the property, will be reported in the FY2018 Annual Report. There is no adjustment to full year earnings guidance for FY2018, with the accounting gain having been included in forecasts provided to the market.
Chief Executive Officer & Managing Director
Louise Howe (Media Liaison)
+64 21 206 0985