These are companies which may be in focus in Singapore on Tuesday, 22 October 2019: Temasek, Keppel Corp., Sembcorp Industries, Sembcorp Marine, ST Engineering, OCBC, Singtel, CapitaLand Mall Trust, Mapletree Logistics Trust, Mapletree Commercial Trust, Ascott Residence Trust, Ascendas Hospitality Trust, Chip Eng Seng, Lippo Malls Indonesia Retail Trust, Lendlease Global Commercial REIT, JUMBO Group and TEE Land.
This article was originally published on Tuesday, 22 October 2019 at 1:28 A.M. SGT; it has since been updated to include Olam International and Frasers Commercial Trust, an additional item on Mapletree Logistics Trust and to update the item on Ascendas Hospitality Trust and Ascott Residence Trust.
Temasek, Keppel, Sembcorp Industries and Sembcorp Marine
Singapore state-owned investment company Temasek said Monday it is making a bid to increase its stake in Keppel Corp. to 51 percent via a S$7.35 a share cash offer in a more than S$4 billion deal.
Keppel has requested the trading halt on its shares be lifted, effective Tuesday.
ST Engineering said Monday its aerospace and electronics sectors secured contracts valued at a combined S$1.8 billion in the third quarter.
OCBC and Singtel
OCBC Bank will become the first Singapore bank and the second regional bank to join Singtel’s VIA mobile payment alliance, allowing the bank’s customers to make QR code payments while traveling in Thailand and Japan, Singtel said in a press release on its website Monday.
CapitaLand Mall Trust
CapitaLand Mall Trust reported Monday its third quarter net property income rose 17.6 percent on-year to S$144.22 million due to the first full-quarter contribution from Funan mall and the contribution from all of Westgate mall. The results beat forecasts from Daiwa.
Mapletree Logistics Trust
Mapletree Logistics Trust entered a deal to acquire seven modern logistics properties across Malaysia, Vietnam and China for a total of around S$383.9 million, the trust said in a filing to SGX Monday.
Mapletree Logistics Trust
Mapletree Logistics Trust reported Monday its fiscal second quarter net property income rose 21 percent on-year to S$109.13 million, coming in slightly ahead of a forecast from Daiwa.
Mapletree Logistics Trust
Mapletree Logistics Trust launched a private placement of 154.61 million to 158.33 million new units to raise gross proceeds of around S$250 million, the REIT said in a filing to SGX Tuesday.
The trust has requested a trading halt Tuesday.
Mapletree Commercial Trust
Mapletree Commercial Trust said Monday it obtained a S$670 million green loan — the trust’s first — to partially finance its acquisition of Mapletree Business City Phase 2 (MBC II) and the property’s common premises.
Frasers Commercial Trust
Frasers Commercial Trust reported Tuesday its fiscal fourth quarter net property income edged up 0.5 percent on-year to S$21.73 million, missing a Daiwa forecast.
Ascott Residence Trust and Ascendas Hospitality Trust
The proposed merger of Ascott Residence Trust and Ascendas Hospitality Trust received approval from over 99 percent of the votes of unitholders at their respective extraordinary general meetings, the two REITs said in a statement filed to SGX Monday.
The combined entity, which will be called Ascott Residence Trust, will have a portfolio of 88 properties across 39 cities in 15 countries, the filing said.
“The combination of Ascott Residence Trust and Ascendas Hospitality Trust will cement the combined entity’s position as the largest hospitality trust in Asia Pacific with an asset value of S$7.6 billion,” Beh Siew Kim, CEO of Ascott Residence Trust Management, the trust’s manager, said in the statement. “The combined entity, Ascott Residence Trust, will be CapitaLand’s sole hospitality trust with a larger, well-diversified portfolio, and a mandate to invest in lodging assets globally,” she added.
Both REITs requested the trading halts on their shares be lifted Tuesday.
Olam International has entered a deal to acquire all of California almond processor and ingredient manufacturer Hughson Nut (HGI) and related real estate assets from APB Partners for an enterprise value of US$54 million, the Singapore-listed agribusiness player said.
Lendlease Global Commercial REIT
Lendlease Global Commercial REIT said Monday DBS Bank, as the stabilizing manager for the REIT’s IPO, had fully exercised the overallotment option to acquire up to 34.10 million units, or 8.8 percent of the total number of units in the offering.
The overallotment option called for the purchase of the units at the offering price of S$0.88 solely to cover the over-allotment of offering units, the REIT said in a filing to SGX.
As a result of the option’s exercise in full, no price stabilization action will be taken on the units, Lendlease Global Commercial REIT said.
It added that LLT Sub-Trust and Lendlease Trust’s interest in the REIT will fall to 24.3 percent from 27.2 percent.
Chip Eng Seng
Celine Tang @ Chen Huaidan’s stake in Chip Eng Seng increased to 39.1 percent from 29.73 percent after the acquisition of 119.85 million rights shares for S$75.5 million, or S$0.63 each, it said in a filing to SGX Monday.
She owns a 36.35 percent direct interest in Chip Eng Seng, up from 26.98 percent previously, the filing said. Her deemed interest remained at 2.75 percent, which are shares held by Senz Holdings, the filing said.
The increase was due to accepting her entitlement to rights shares in the company’s offering, taking up rights shares under a sub-underwriting agreement and Senz Holdings’ taking up its entitlement of rights shares, the filing said.
Lippo Malls Indonesia Retail Trust
Lippo Malls Indonesia Retail Trust said Monday Fitch Ratings Singapore assigned the trust a final long-term foreign-currency issuer default raing of BB, with a stable outlook and a final rating of BB to its US$250 million 7.25 percent senior unsecured notes due 2024.
Fitch said in a statement that the decision to delay the Lippo Mall Puri acquisition’s completion deadline didn’t impact the trust’s rating as it didn’t materially change LMIRT’s risk profile.
JUMBO Group has opened its second franchised outlet in South Korea, in Ilsan, only three months after the first opening, the iconic Singapore chili crab restaurateur said in a filing to SGX Monday.
TEE Land said Monday it appointed Toh Leng Poh, Lawrence as chief operating officer. Toh is currently the financial controller (commercial) and has been with the group since January 2017, TEE Land said in a filing to SGX.
The board took into consideration Toh having admitted in 2009 to a civil penalty liability for contravening insider trading provisions and paying a civil penalty to the Monetary Authority of Singapore without court action, the filing said.
“The board however noted that the occurrence took place more than 10 years ago, and Mr. Toh cooperated fully with the investigation. No adverse allegations have since come to the attention of the board,” TEE Land said.