Singapore companies in focus on Monday, 20 December 2021:
- City Developments buys Birmingham site to develop 49-storey residential tower
- OCBC executes sustainability-linked currency swap with Cromwell European REIT
- Chip Eng Seng to divest 69 Ubi Crescent property for S$28M
- Grand Venture Technology to acquire J-Dragon and Formach for S$20M
Others: Manulife US REIT, Parkway Life REIT, QT Vascular, Pacific Star Development, Vallianz Holdings, Beng Kuang Marine, Parkson Retail Asia and ZICO Holdings.
This item was originally published on Saturday, 18 December 2021 at 23:07 SGT; it has since been updated to include Singtel.
Singtel‘s Australian subsidiary Singapore Telecom Australia Investments (STAI) has received an unfavorable taxation ruling from the Federal Court of Australia that resulted in a net tax exposure, with related interest and penalties, of around A$304 million, the Singapore-listed telecom said in a filing to SGX Sunday.
City Developments has acquired a 250-year leasehold site in Birmingham’s Paradise precinct from Paradise Circus for 6.5 million British pounds, or around S$11.8 million, to develop into a residential tower, the Singapore-listed property developer said in a filing to SGX Friday.
Chip Eng Seng
Chip Eng Seng has entered a deal to sell the property at 69 Ubi Crescent in Singapore to Merlions Two (BVI) for around S$28 million, the Singapore-listed property company said in a filing to SGX Friday.
Manulife US REIT
Manulife US REIT said Friday it has completed the acquisition of Tanasbourne Commerce Center in Portland, Oregon, in the U.S. The REIT’s manager said it used US$33.85 million of the around US$100 million the REIT raised in a private placement of new units to partially fund the acquisition of the property.
In addition, on Saturday, Manulife US REIT said it completed the acquisition of the Park Place property in Chandler, Arizona, which was partially financed with the proceeds of the placement. The REIT has now used US$94.7 million of the placement proceeds for acquisitions, the Saturday filing said.
Parkway Life REIT
Parkway Life REIT said Friday it has completed the acquisition of a nursing home in the Greater Tokyo region of Japan.
Grand Venture Technology
Grand Venture Technology has entered separate deals to acquire precision-engineering company J-Dragon Tech (Suzhou) and precision sheet-metal maker Formach Asia for a total of S$20 million, the precision manufacturing services provider said in a filing to SGX Friday.
Pacific Star Development
Pacific Star Development reported Friday that its independent auditors, Ernst & Young, have included a disclaimer of opinion over the going concern assumption in their report on the audited financial statements for the fiscal year ended 30 June.
QT Vascular said Friday its subsidiary, TriReme Medical, has completed the analysis of the 12-month post-procedure clinical data from the U.S. pivotal study of the Chocolate Touch Paclitaxel-Coated PTA Balloon Catheter.
Vallianz Holdings said Friday its wholly owned subsidiary, PT United Sindo Perkasa (PT USP), has set up a branch office in Taiwan to expand its client base for its services in shipbuilding, engineering and fabrication for projects such as offshore wind farms and ports.
Beng Kuang Marine
Beng Kuang Marine said Friday it has completed a private placement of 37.2 million new shares at S$0.09 each, raising up to S$3.35 million. The shares will begin trading on SGX on Monday.
Beng Kuang Marine provides infrastrucure engineering for shipbuilding, ship conversion, offshore construction and engineering support for the oil and gas industry. The company also owns and charters vessels including tugs, barges and livestock carriers.
Parkson Retail Asia
Parkson Retail Asia said Saturday that Parkson Vietnam has received a ruling from the Vietnam International Arbitration Centre (VIAC) in the legal proceedings with its landlord over the Da Nang premises, which had ceased operations in January 2021.
The VAIC’s decision was for Parkson Vietnam to compensate the landlord 68.9 billion dong, or around S$4.1 million, for items including rent accrued, late payment interest and early lease termination, the department store operator said in a filing to SGX.
ZICO Holdings’ wholly owned direct subsidiary ZICO Malaysia entered a deal to sell 49 percent of ZICO Trust to Riau Capital for 9.6 million ringgit, the company said in a filing to SGX Friday.