Cash-rich Metro trades at large discount to book, could monetise balance sheet further

This story first appeared in The Edge Singapore Issue 725 (Week of April 25)

(See also: Activist backer Quarz urges Metro to return cash)

SINGAPORE (April 25): Metro Holdings made headlines in February when, tragically, managing director and major shareholder Jopie Ong passed on. A few days later, and largely unnoticed, Metro announced a “commitment” of £19 million ($38.3 million) for an office development in Sheffield, a city once famous for its steel and knives. Metro is acquiring a 50% stake in Scarborough DC for £1 million (approximately $2.01 million), and providing an £18 million loan to Scarborough DC for the development. The remaining half of Scarborough DC is owned by Scarborough Group International, a UK developer which Metro has partnered in a residential  development in Manchester.

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