Great Eastern Holdings
Great Eastern Holdings, the insurance arm of Oversea-Chinese Banking Corp, reported early on Wednesday a 3 percent rise in second quarter net profit to S$237.6 million as higher profits from shareholders’ fund investments offset weaker earnings from its insurance business.
Total weighted new sales during the quarter rose 28% on-year to S$326.7 million, driven by better performance of both the agency and bancassurance channels.
Great Eastern accounted for nearly one-quarter of OCBC’s earnings in 2017.
Agricultural commodities giant Wilmar International Limited has signed a US$1.8 billion loan facility agreement with a group of banks.
The facility comprises two tranches: a US$600 million three-year revolving credit facility and a US$1.2 billion five-year term loan. Wilmar will use the funds to finance its general corporate and working capital requirements as well as those of its subsidiaries, it said in a filing after the close of trading on Tuesday.
The banks involved in the loan include DBS Bank, The Hongkong and Shanghai Banking Corporation, Mizuho Bank, MUFJ Bank, Oversea-Chinese Banking Corporation, United Overseas Bank and Westpac Banking Corporation.
Wilmar originally sought US$1.5 billion but it later upsized the facility to US$1.8 billion to partially accommodate the oversubscription during the loan syndication.
Ascendas India Trust
Ascendas India Trust said on Tuesday it has agreed to acquire buy two buildings under construction in the aVance Business Hub 2 in HITEC City, Hyderabad for an estimated S$277.5 million.
The two buildings, aVance A1 & A2, have a combined leasable area of approximately 1.85 million square feet.
Ascendas Property Fund Trustee, the trustee-manager of Ascendas India Trust, said the transaction comprises a two-stage process whereby the trust will first subscribe for debentures amounting to around S$157.8 million.
The trust will then complete the acquisition by buying 100% of the shares in the co-developer entities at a price based on a pre-agreed formula.
The total purchase consideration, inclusive of the construction funding, is not expected to exceed S$277.5 million, the trustee added.
Oil and gas services company SBI Offshore said late on Tuesday it did not record any revenue in the first half of 2018 and will report a loss for the period.
The loss for the half year will, however, be lower compared to the corresponding period of 2017 due to an increase in other income as well as substantial reduction in staff costs, executive chairman Mirzan Bin Mahathir said in a stock market filing.
On the outlook, Mirzan said: “While oil prices have risen substantially in recent months, it remains to be seen whether this will translate into a sustainable increase in spending on new projects by oil majors and companies across the entire oil and gas value chain.”
Engineering firm CSC Holdings said on Tuesday it expects to report a net loss for the fiscal first quarter ended June mainly due to “delays in the commencement of work for new projects secured”.
It was responding to query by the Singapore Exchange, which had asked CSC Holdings to elaborate on a profit warning made on July 27.