Mergers & Acquisitions (M&A)

Goodland acquires George Town freehold properties

SINGAPORE (July 18): GLG Global, a subsidiary of the Goodland Group, has acquired freehold properties in George Town, Penang for RM6 million ($2 million).

The properties are situated on Jalan Kuala Kangsar, a road that runs through George Town’s Chinatown.

Located at Lot Number 811, Section 18, the property comes with four double-storey shophouses.

The group intends to derive income from the rental of the properties, subject to getting the necessary approvals.

This acquisition will be funded through the group’s internal resources or bank borrowings.

Global Invacom acquires assets and intellectual property of Apexsat

SINGAPORE (June 18): Global Invacom is acquiring the technology of the Apexsat group of companies, including its assets and intellectual property.

Apexsat specialises in the design and manufacture of steerable earth station solutions, and motorised and transportable antenna systems. It has developed its own multifunctional command and control systems with integrated tracking and positioning software, which is widely recognised as one of the most technologically advanced in the industry.

Grab is said to have discussed buying payments startup 2C2P

(June 17): Singapore ride-hailing giant Grab held talks to acquire payments provider 2C2P Pte and was turned down, according to people familiar with the matter, a sign of the ambitions Southeast Asia’s most valuable startup has in financial services.

Hong Leong Asia to take cement maker Tasek private

KUALA LUMPUR (May 29): Singapore-listed Hong Leong Asia (HLA), which controls about 80.8% of cement maker Tasek Corp via two wholly-owned subsidiaries, wants to take Tasek Corp private in a deal worth an estimated RM128.61 million, based on the offer price of RM5.50 for every ordinary as well as preference share.

This is the second takeover exercise involving a cement company in the last month, after YTL Corp’s unit, YTL Cement, acquired stakes in Lafarge Malaysia for RM1.63 billion or RM3.75 per share.

AA REIT acquires Boardriders APAC HQ in Queensland for $37 mil

SINGAPORE (May 15): The manager of AIMS APAC REIT (AA REIT) announced it is acquiring Boardriders APAC HQ in Queensland, Australia, from GSM Rocket Australia for a consideration of A$38.5 million ($36.9 million).

The property is acquired with a headline yield of 7.8%, a lease term of 12 years and annual rental escalation of 3.0%. The headline yield is derived from the first year net property income of A$3 million over the consideration.

First Sponsor to acquire disputed former Grand Hotel Puccini building in Milan for $14.4 mil

SINGAPORE (Jan 25): First Sponsor’s indirect wholly-owned subsidiary FS Milan Property is acquiring a former hotel building in Italy for 9.3 million euros ($14.4 million) from Fondo Kona, a real estate close-ended alternative investment fund controlled by Europe’s BNP Paribas.

Located at 33 Corso Buenos Aires in north-eastern Milan, the six-storey vacant and unleased property was formerly named Grand Hotel Puccini, then known a 65-room four-star hotel.

Singapore stocks with high yield, low expectations are what Credit Suisse prefers for the year

SINGAPORE (Jan 8): Credit Suisse is recommending Singapore investors stick with a portfolio of quality, high-yield stocks and stocks with low embedded expectations to ride out any volatility in 2019 while positioning for a market recovery.

And while the market’s upward momentum this year may be dulled by dimmer economic and corporate earnings growth outlook, the Swiss investment bank says the below-historical average market P/E of 11.4x and a compelling dividend yield of 4.4% make for an attractive risk-reward proposition for longer-term investors.

Temasek acquires minority stake in lung-delivered drug system Aerogen

SINGAPORE (Nov 8): Temasek has acquired a minority stake in Ireland-based designer and manufacturer of aerosol drug delivery systems, Aerogen, through the purchase of a secondary share interest, according to media reports.

However, the financial terms of the transaction were not disclosed.

John Power, founder and CEO of Aerogen, says, “We are excited to realise the growth opportunities this collaboration will bring. Temasek, our partner of choice, has deep global and sector expertise, which will accelerate our market penetration.”

Health Management International's expansion into ambulatory care centre keeps it at 'buy'

SINGAPORE (May 16): Maybank Kim Eng is maintaining its “buy” call on Health Management International (HMI) with a target price of 80 cents.

The group on May 14 announced that it is committing $40 million to acquire a 62.5% stake in StarMed @ Farrer Square, which owns Starmed Specialist Centre, a new proposed day-surgery and multi-disciplinary medical centre.

See: HMI commits $40 mil to acquire 62.5% stake in StarMed

RHB starts Kimly at 'buy' on exciting growth prospects

SINGAPORE (Apr 16): RHB is initiating its coverage on Kimly, the operator of local coffee shops and food courts, with a “buy” and a 43 cents target.

That's because Kimly's F&B mass-market business is defensive in nature and is accompanid by has rich cashflows.

Since FY14, the group has reported stable gross margins of more than 20% and is expected to stay around this region going forward.

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