These are Singapore companies which may be in focus on Friday, 12 September 2019: GuocoLand, Cromwell European REIT, CapitaLand, TEE International, Singapore Exchange, Sakae Holdings, Dasin Retail Trust, AusGroup and Pine Capital Group.
This article was originally published on Thursday, 12 September 2019 at 22:51 SGT; it has since been updated to include City Developments, ESR-REIT and an additional item on Dasin Retail Trust.
City Developments said Friday its bid to acquire the rest of Millennium & Copthorne Hotels it doesn’t already own has become unconditional as it has met the condition for acceptances of at least 50 percent of the remaining stake in the hotel operator.
As of Thursday, City Developments had received acceptance of around 58.28 percent of the shares didn’t already own, the developer said in a filing to SGX.
City Developments held around 65.2 percent of M&C when it launched the offer in June; the acceptances would bring its stake to approximately 85.5 percent. If City Developments manages to acquire more than 90 percent of M&C’s shares, it intends to compulsorily acquire the rest and delist the company, the filing said.
The offer will remain open for acceptance until 27 September, the filing said.
GuocoLand’s joint venture was awarded the tender for a land parcel at Tan Quee Lan Street by Singapore’s Urban Redevelopment Authority for the bid price of S$800.19 million, the property developer said in a filing to SGX Thursday.
Cromwell European REIT
UBS Group AG became a substantial unitholder of Cromwell European REIT after acquiring an interest in 65.68 million units, the Swiss investment bank said in a filing to SGX Thursday.
The bank’s deemed interest in the REIT rose to 6.32 percent from 3.74 percent previously, the filing said.
CapitaLand acquired the 5 percent of Ningbo Chuang Yuan Technology Development (NCYT) it didn’t already own for 40 million yuan, or around S$7.9 million, the property developer said in a filing to SGX Thursday.
The transaction involved transferring all of NCYT from CapitaLand’s 95 percent-owned subsidiary, Ningbo Zhongxin Innov Park Development, to its wholly owned subsidiary, CLC Investment Ten, the filing said.
NCYT owns a plot of land in China’s Haishu District in Ningbo, and it is expected to be developed into a business park, the filing said.
TEE International requested a trading halt Thursday, pending the release of an announcement.
On Saturday, the company said it would appoint an external third-party investigator to examine payments that weren’t disclosed to the board and/or executive committee.
Asia Risk Magazine named Singapore Exchange “Derivatives Exchange of the Year” for a sixth straight year, in recognition of robust risk management services, SGX said in a statement Thursday.
Sushi restaurateur Sakae Holdings said Thursday that Singapore’s High Court approved the partial return of capital to shareholders of Griffin Real Estate Investment Holdings (GREIH), or a total of S$33 million.
Sakae will receive a net S$8.15 million, based on its stake in GREIH, the company said in a filing to SGX. Funds paid to GREIH were allegedly embezzled, Sakae has previously said.
In a separate filing to SGX in response to queries from a shareholder, Sakae said the police were still investigating the case of its missing sugar and that the company was in talks with its insurer about covering the loss. The sushi maker had been left holding the bag after 9,343 metric tonnes of sugar with a sale value of US$4.3 million disappeared along with its purported purchaser and Sakae’s representative in the deal.
Sakae also said it believed it could continue to be a going concern, despite its liabilities exceeding its assets, as its cash flows were expected to continue to meet day-to-day expenditures and credit facilities remained available.
ESR-REIT said Friday the closing date for its preferential offering of new units would be 23 September, and the date for determining unitholders entitlement to a distribution for the 1 July to 30 September period and an advanced distribution for the 1 October through the new unit’s issue date will be 11 October.
The cumulative distribution, expected to be paid around 8 November, is estimated at 1.079 Singapore cents to 1.192 Singapore cents a unit, ESR-REIT said in a filing to SGX Friday.
The new units are expected to be listed on SGX on 14 October, the filing said.
The preferential offering is on the basis of 29 new units for every 1,000 existing units to raise gross proceeds of up to S$50 million, ESR-REIT said, adding the units would be issued at S$0.51 each, a discount of around 2.4 percent to the volume weighted average price of S$0.5224 for all trades on Thursday.
Dasin Retail Trust
Dasin Retail Trust has completed the acquisition of all of Singapore Jiaxin Commercial Holdings, which indirectly owns Doumen Metro Mall, for a total cost, of S$274.8 million, the trust said in a filing to SGX Friday.
Dasin Retail Trust
Bounty Way Investments ceased to be a substantial unitholder of Dasin Retail Trust, with its holding falling to 4.38 percent, below the 5 percent threshold, from 5.03 percent previously, it said in a filing to SGX Thursday.
That was after Bounty Way Investments did not participate in Dasin Retail Trust’s issuance of 82.35 million new units in a private placement, the filing said.
Bounty Way Investments continued to hold an unchanged 28.21 million units of the trust, the filing said.
AusGroup’s subsidiary AGC Industries landed a three-year maintenance and shutdown-support contract from BHP Nickel West for all Nickel West assets in Western Australia, the company said in a filing to SGX Thursday.
The initial work will be completed during the upcoming major shutdown events at BHP Nickel West’s Kwinana Nickel Refinery and Kalgoorlie Nickel Smelter in October and November, AusGroup said.
Pine Capital Group
Pine Capital Group re-designated Tomi-Jae Wanlun Tjio, a non-executive chairman, as executive chairman, effective Thursday, the company said in a filing to SGX Thursday.
David Sarkis was also appointed a non-executive, non-independent director, Pine Capital said.
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