These are Singapore companies which may be in focus on Monday, 21 October 2019: GIC, AIMS APAC REIT and Ho Bee Land.
This article was originally published on Friday, 18 October 2019 at 22:18 SGT; it has since been updated to add OCBC, GIC, Ascott Residence Trust, Ascendas Hospitality Trust, Keppel Corp., Cromwell European REIT, Mirach Energy and Sakae Holdings.
OCBC is looking to expand its green loans this year, building a team of five to focus on sustainable financing and looking to add more bankers, Bloomberg reported, citing Mike Ng, the head of structured and sustainable finance.
Ng said OCBC is targeting a sustainable finance portfolio of S$10 billion by 2022 and is nearly halfway to that goal, according to the report.
Keppel Corp. requested a trading halt on Monday pending the release of an announcement.
Singapore state-owned investment fund GIC said Friday it acquired PB6, a 40-storey Grade-A office tower in Paris.
The tower, located in the La Defense business district, is fully leased to EDF, GIC said.
“The asset presents attractive value creation opportunities, which GIC expects to capture by investing to enhance the asset and service offering. This is in line with GIC’s strategy, as a long-term investor, to acquire and add value to quality assets in gateway cities,” GIC said in the statement.
AIMS APAC REIT
AMP Capital Finance said Friday it ceased to be a substantial shareholder of AIMS APAC REIT after disposing of 70.32 million units, or a direct interest of 10.09 percent, at S$1.40 each in an off-market transaction.
The company retains a deemed interest of 1.37 percent in AIMS APAC REIT, it said in a filing to SGX.
In a separate filing, AIMS APAC Capital Holdings also said it ceased to be a substantial shareholder of the REIT after it acquired a deemed interest in the 70.32 million units and then sold them in an off-market private placement, mainly to new investors, at S$1.35 a unit.
AIMS APAC Capital Holdings retained a deemed interest of 0.42 percent of AIMS APAC REIT, the filing said.
Ho Bee Land
Ho Bee Land said Friday its wholly owned subsidiary Accordion Investments will divest its 12.62 percent stake, or 15.79 million shares, in Australia-listed Villa World.
Earlier this month, Villa World shareholders approved a deal for AVID Property Group Australia to acquire all its shares for A$2.345 each, with payment to be made by 30 October, Ho Bee Land said in a filing to SGX.
The cost of Ho Bee Land’s quoted investment is around S$29.4 million, or around A$31.5 million, as of end-September, the filing said. That would compare with around A$37.04 million in gross proceeds.
Ascott Residence Trust and Ascendas Hospitality Trust
Ascott Residence Trust and Ascendas Hospitality Trust both requested trading halts on Monday pending the outcome of their extraordinary general meetings on their proposed merger.
Cromwell European REIT
Cromwell European REIT said Monday it has completed the divestment of the Parc d’Osny property located in Osny, France, for 19 million euros, or 13.1 percent above a 30 June valuation.
“While CEREIT remains a long-term holder of real estate, the sale of Parc d’Osny is consistent with the manager’s strategy of disposing of non-core assets that are not strategic or where the risk return profile no longer fits CEREIT’s key objectives to provide CEREIT’s unitholders with regular and stable distributions and to achieve long-term growth in DPU [distribution per unit] and NAV [net asset value] per unit,” Cromwell European REIT said in the statement filing to SGX.
Mirach Energy isn’t aware of a reason for its share price’s surge on Friday, the company told SGX Monday in response to a query from the exchange.
Sushi restaurateur Sakae Holdings said it’s seeking extra time from SGX RegCo to hold its annual general meeting while it attempts to resolve differences between its audited and unaudited financial statements for the year ended 30 June.
“The board is still in the process of resolving the differences, exploring options available to them, including but not limited to commissioning an independent review on the audited financial statements,” Sakae said in a filing to SGX. “The company is in the process of appointing the independent auditor after it concludes its independence checks.”
The company’s independent auditor, Deloitte & Touche LLP issued a disclaimer opinion on the financial statements, and Foo Maw Shen, an independent director, resigned over differing views on the company’s follow-up action, Sakae said.
The differences mainly were due to company’s view its investment in Cocosa Export was “highly unrecoverable,” and its decision to take a full impairment, Sakae said.