Ninestar Announces Partial Leaseback of Lexmark

Ninestar Announces Partial Leaseback of Lexmark

According to JRJ.com, Ninestar announced its plans to engage in a sale and leaseback concerning certain properties. This decision was reached during a recent meetings of Board of Directors and Board of Supervisors.

In its official announcement, Ninestar stated that the leaseback aimed to diversify the financing channels and obtain sufficient funds for operations of Lexmark. The transaction involves Lexmark’s real estates located in Lexington, Kentucky, where its headquarter is located, and Philippine.

Lexington properties, valued at USD $126,948 million, will be divested to Sculptor Capital Management, a real estate assess management giant. Following the sale, these locations will be leased back at USD $1.14 million per month, with an annual rental escalation of 3%. Meanwhile, the leaseback price for Philippine’s properties in Cebu Business Park, estimated to be less than USD $0.8 million, is still pending.

On the same day, Ninestar announced the adoption of management regulations for overseas investment and the introduction of a stock options incentive scheme. These strategies are collectively considered as measures to rebound from the drastic decline Ninestar experienced previously.

Related:

• US Embargo Against Ninestar to Remain in Force for Now
• Ninestar Forecasts Performance for 2023
• Ninestar Continues to Be Kept in the Dark Over US Bans
• Lexmark Announces New Executive Changes

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