Potential re-rating on the cards for Frasers' Singapore REITs amid proposed merger: CGS-CIMB

Potential re-rating on the cards for Frasers’ Singapore REITs amid proposed merger: CGS-CIMB

SINGAPORE (Dec 3): CGS-CIMB Research is staying positive on Frasers Logistics & Industrial Trust (FLT) and Frasers Commercial Trust (FCOT), after the respective managers on Monday announced a proposed merger to create an enlarged REIT with a total portfolio worth a total of $5.7 billion.

According to the managers, the enlarged REIT will have a market capitalisation of $4.2 billion and a free float of $3.0 billion, which would put it among the top 10 Singapore REITs.

Merger ticks all the right boxes for OUE Commercial REIT, but analysts remain cautious

SINGAPORE (Nov 19): OUE Commercial Trust (OUECT) seems poised to thrive on its recent merger with OUE Hospitality Trust (OUEHT), which appears to have ticked all the boxes for the REIT. 

OUECT’s latest set of financial results for 3Q19 ended September saw it register increases across several key financial metrics. 

Irrevocable undertaking for merger from AHT's stapled security holders as ART outperforms sector

(Aug 5): Ascott Residence Trust announced on July 11 that Gordon Tang (who has a 6.1% stake in Ascendas Hospitality Trust) and AHDF (which has a 4.1% stake in AHT) have given their irrevocable undertaking to accept ART’s offer to buy AHT. CapitaLand, which owns 28.04% of AHT and around 44% of ART, cannot vote. 


OUE C-REIT and OUE-HT unitholders recommended to vote in favour of merger

SINGAPORE (July 10): The Independent financial advisers (IFAs) of OUE Commercial REIT (OUE C-REIT) and OUE Hospitality Trust (OUE-HT) have advised the directors of both trusts to recommend unitholders vote in favour of the merger at the upcoming extraordinary general meeting (EGM).

Under the proposed merger deal, OUE C-REIT will acquire all stapled securities of OUE-HT via a scheme of arrangement.

For every OUE-HT stapled security held, OUE C-REIT will pay 4.075 cents in cash plus 1.3583 new OUE C-REIT units.

United Technologies, Raytheon to combine as defense giant

NEW YORK (June 10): United Technologies Corp. agreed to buy Raytheon Co. in an all-stock deal, forming an aerospace and defense giant with US$74 billion ($100.9 billion) in sales in one of the industry’s biggest transactions ever.

Axiata and Telenor in talks to merge Asian operations

KUALA LUMPUR (May 6): Two Asian telco giants — Malaysia-based Axiata Group Bhd and Norwegian Telenor Group — are in talks to merge their operations in Asia.

In terms of geographical presence, Axiata has a wider footprint. While the two mobile service operators both have a presence in Malaysia, Thailand, Myanmar, Bangladesh and Pakistan, Axiata also operates in India, Sri Lanka, Nepal, Cambodia and Indonesia where Telenor is not present.

REIT consolidation continues as OUE C-REIT proposes to acquire OUEHT for $1.49 bil; unitholders to suffer dilution again

(Apr 15): On April 9, almost seven million units of OUE Commercial Real Estate Investment Trust changed hands as investors headed for the exit. Just five months after the completion of a dilutive transaction, OUE Commercial REIT announced a second dilutive transaction. On April 8, the managers of OUE Commercial REIT and OUE Hospitality Trust announced a merger between the two under a scheme of arrangement that will need unitholders’ approvals (see Indicative timeline). The sponsor, OUE, and its affiliates cannot vote.


Why 'bigger is better' could apply to the proposed OUE merger

SINGAPORE (April 9): Enlarged scale was among the main reasons for the proposed merger of OUE Commercial REIT (OUE C-REIT) and OUE Hospitality Trust (OUE HT), The Edge Singapore understands from attending an April 8 media briefing with the respective REITs managers and their investment bankers.

A portfolio valued at $6.8 billion and free float of $1.08 billion would make the enlarged REIT more visible to institutional investors.

Bigger is better for this industrial REIT, says OCBC

SINGAPORE (Dec 14): OCBC Investment Research is starting coverage on ESR-REIT at “buy” with a fair value estimate of 59 cents, following the recent completion of the REIT’s merger with Viva Industrial Trust (VIT) on Oct 15.

Including 15 Greenwich Drive, this has increased ESR-REIT’s portfolio size to $3.1 billion of assets from $1.7 billion previously.

Singapore Airlines announces plans to shuffle routes ahead of SilkAir merger

SINGAPORE (Nov 22): Singapore Airlines (SIA) says its low-cost carrier, Scoot, will be taking over a number of SilkAir’s routes over the next two years – as well as transferring some of its services to existing destinations served by SIA and SilkAir, the group’s regional wing.

Customers with existing bookings will be provided the option to switch to the new Scoot, SIA or SilkAir flights where possible, or be provided refunds.

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