Singapore companies in focus on Monday, 17 January 2022:
- UOB to acquire Citi consumer business in four countries in nearly S$5B deal
- Frasers Hospitality Trust: Acquisitions will face high bar
- Manhattan Resources: In talks with European investment fund to finance renewable projects
- ECON Healthcare: Chairman Ong also held shares in Crosstec
Others: CapitaLand Investment, Hock Lian Seng Holdings, ESR-REIT, Tat Seng Packaging, Golden Energy and Resources (GEAR), SLB Development, Nera Telecommunications (NeraTel), Maxi-Cash Financial Services, Tung Lok Restaurants, Astaka Holdings and Shopper360.
Frasers Hospitality Trust
Frasers Hospitality Trust plans to focus on targeted asset enhancement initiatives (AEIs) for growth, with any acquisitions facing a high bar, the REIT said Friday in answers to unitholders’ questions ahead of its upcoming annual general meeting (AGM).
CapitaLand Investment, Mitsui & Co. and Tokyo Tatemono
The 79 Robinson Road property in Singapore’s central business district (CBD) had its official opening Friday; the 29-storey property, jointly owned by CapitaLand Investment, Mitsui & Co. and Tokyo Tatemono, has committed occupancy of around 93 percent, the companies said in a filing to SGX.
Fumio Tajima, managing officer and overseas business division director of Tokyo Tatemono, said in the statement: “As work norms change, an office has to be more than just a workspace to attract and retain talented individuals. We are therefore pleased to integrate lush greenery, community spaces and environmentally friendly features here in order to create more holistic and fulfilling workplace experiences.”
Hock Lian Seng Holdings
Hock Lian Seng Holdings said Friday it has received a S$454 million contract from Singapore’s Land Transport Authority for the design and construction of Serangoon North station and tunnels.
Construction work is expected to begin in the second quarter of this year, with passenger service to begin in 2030, the company said in a filing to SGX.
ESR-REIT and Tat Seng Packaging
Manhattan Resources said Friday it was in talks with an unnamed European investment fund to obtain an up to US$24 million loan facility to finance planned renewable energy projects in Vietnam and other countries.
ECON Healthcare (Asia)
ECON Healthcare (Asia), which posted a material loss on trades in shares in Hong Kong-listed Crosstec Group, said Executive Chairman and Group CEO Ong Chu Poh also acquired Crosstec shares prior to the company’s purchases, according to a filing to SGX Friday.
Golden Energy and Resources (GEAR)
Golden Energy and Resources said its indirect subsidiary, PT Borneo Indobara (BIB) has received notification that Indonesia’s coal export prohibition was revoked for five BIB vessels currently loaded with coal for export, with the shipments now permitted to proceed.
SLB Development reported Friday its fiscal first half net profit jumped around 117 percent on-year to S$12 million on the sale of units at several residential projects and a stronger take-up at the under-construction INSPACE project.
Nera Telecommunications (NeraTel)
Nera Telecommunications (NeraTel) said Friday two of its foreign subsidiaries have received tax-related bills of demand after a 2021 tax audit for an estimated total S$3.62 million.
The estimated tax liability is expected to have a material financial impact on the company, NeraTel said in a filing to SGX.
Maxi-Cash Financial Services
Maxi-Cash Financial Services said Friday its tender offer to acquire its 6.35 percent notes due 2022 received S$7 million in total principal acceptances by the close of the offer.
In addition, the pawnshop operator received S$23.25 million in principal acceptances from noteholders for its offer to exchange the notes for a same amount of 6.05 percent notes due 2025, according to a filing to SGX.
After the cancellation of the accepted notes on 24 January, the existing notes will have S$19.75 million outstanding, the filing said.
Tung Lok Restaurants
Tung Lok Restaurants‘ wholly owned subsidiary Tung Lok Millennium has entered a one-year tenancy agreement with OCPL for unit 11.-05 at Orchard Central, located on Singapore’s Orchard Road shopping belt, for around S$528,000, the restauranteur said in a filing to SGX Friday.
OCPL is 54 percent ultimately owned by the Estate of Ng Teng Fong and 36 percent ultimately owned by Philip Ng Chee Tat, both of which are controlling shareholders of Tung Lok Restaurants, the filing said. The Estate of Ng Teng Fong has a controlling interest in Goodview Properties, which holds 19.69 percent on Tung Lok Restaurants, while Philip Ng Chee Tat is a beneficiary of the estate, the filing said.
Astaka Holdings‘ 99.99 percent-owned indirect subsidiary Astaka Padu has entered a deal to sell a land plot at One Bukit Senyum in Malaysia’s Johor Bahru district to Seaview Holdings for 116 million ringgit, according to a filing to SGX Friday.
One Bukit Senyum includes a mixed-use development with two serviced-apartment towers completed in June 2018, the filing said. The land plot being sold was earmarked for the project’s next development phase, which is to include an office tower, an entertainment hub and a five-star hotel, serviced apartments and residences, the filing said.
“The proposed disposal would provide an avenue to raise funds at this prevailing time to realise the value of the land and generate cash inflow,” Astaka said, adding it would provide necessary working capital and reduce the loans and/or cash advances and interest expenses.
Shopper360 reported Friday its fiscal first half net profit dropped 37 percent on-year to 1.87 million ringgit on revenue of 69.43 million ringgit, down 9 percent on-year.
The revenue decline for the six months ended 30 November was due to Malaysia’s full movement control order (FMCO) to stem the spread of the Covid-19 virus, while gross profit margins declined mainly on less revenue from the high-margin advertising and market project segment, the company said in a filing to SGX.
In its outlook, Shopper360 said it expected recuperation in 2022 as footfall in stores and malls is rising and brands are investing in in-store media again.