Nordic Group wins new contracts worth $40.8 million, to sell property for $3.5 milion

The property is carried on the books at $2.5 million

Nordic Group has won new contracts worth $40.8 million, including from repeat customers in the marine, offshore oil and gas, petrochemical, semiconductor, infrastructure and security industries sectors.

In a separate announcement, the company announced the sale of a factory and warehouse at 24 Benoi Place for $3.5 million.

The property, deemed non-core, occupies a land area of 39,000 sq ft and has a remaining lease of 19 years.

The property was held on its books at $2.5 million as at June 30.

Nordic plans to use proceeds to pare down debt.

Nordic Group shares closed at 42 cents on Aug 25, unchanged for the day but down 12.5% year to date.


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