mergers and acquisitions (M&A)

HC Surgical acquires additional 19% stake in Julian Ong Endoscopy & Surgery

SINGAPORE (Sept 3): HC Surgical will acquire an additional 19% stake in Julian Ong Endoscopy & Surgery (JOES) for $3.8 million from seller Julian Ong Surgery.

The latest acquisition will bring its entire stake in JOES to 70%, making it a subsidiary of the group.

HC Surgical will fund the acquisition via the issuance of 1.76 million new HC Surgical shares at 53.88 cents each and with $2.8 million in cash.

Genting Malaysia defends Empire stake buy

KUALA LUMPUR (Aug 16): Genting Malaysia Bhd (GenM) says its RM538 million ($178.4 million) related party transaction (RPT) to acquire a stake in Empire Resorts Inc is deemed a “worthwhile investment”.

Genting Malaysia said this in a filing yesterday after Bursa Malaysia queried the gaming group to confirm or deny the contents of The Edge Financial Daily’s article, entitled “Empire Resorts on the brink of filing for bankruptcy”, which was published on Tuesday.

Chip Eng Seng 2Q earnings down 67% to $4 mil; acquires Aussie childcare centre

SINGAPORE (Aug 1): Property and education group Chip Eng Seng reported 2Q19 earnings ended June of $3.9 million, down 67.4% from $12.2 million in 2Q18 on lower sales and higher expenses.

For 1H19 ended June, 1H19 earnings came in at $15.2 million, 17% lower compared to $18.4 million in 1H18.

Overall revenue for 2Q19 fell 7.2% lower to $237.4 million from $255.7 million a year ago.

CVC and GIC said to be among firms eyeing stake in Euroclear

(July 22): Buyout firm CVC Capital Partners and Singapore’s sovereign wealth fund GIC are among firms considering bids for a stake in the US$6.4 billion ($8.7 billion) European settlements giant Euroclear, according to people familiar with the matter.

The Brussels-based company, which counts London Stock Exchange Group as a shareholder, is planning to decide in the coming days whether to pursue a stake sale or an initial public offering of the business, the people said, asking not to be identified as the matter is private.

New business structure enables CapitaLand to deploy capital more effectively

SINGAPORE (July 16): CapitaLand completed its merger with Ascendas-Singbridge (ASB) on June 30. The group acquired all the shares in two ASB subsidiaries from Temasek for $6 billion, to create the largest diversified property group in Asia.

See: Singbridge in $11 bil deal to create Asia’s largest diversified real estate group

Ascendas India Trust to build and acquire warehouse in Panvel for $42.1 mil

SINGAPORE (July 11): The trustee-manager of Ascendas India Trust (a-iTrust) has entered into a construction funding and forward purchase agreement with a subsidiary of Arshiya, to develop an additional warehouse at the Arshiya Free Trade Warehousing Zone (FTWZ) in Panvel.

The warehouse has a total leasable area of 325,503 sq ft and will be acquired by a-iTrust upon completion and leasing.

Temasek to buy US$300 mil stake in logistics unit: Li & Fung

(June 28): Global sourcing and logistics group Li & Fung on Friday said Temasek Holdings would buy 21.7% of its subsidiary LF Logistics Holdings for US$300 million ($406.2 million), and the proposed spin-off IPO of the unit will be postponed.

Hong Kong’s Li & Fung, which supplies clothing and other products to retailers worldwide, had said earlier that it would seek a separate listing for its logistics business on the Hong Kong Stock Exchange to enhance growth and strengthen financial flexibility.

Cromwell European REIT buys 6 properties in France, Poland for $378 mil; launches placement

SINGAPORE (June 21): The manager of Cromwell European REIT (CEREIT) is acquiring six freehold properties -- three in France and Poland each -- for a total of €246.9 million ($378 million) or €2,238 per sqm.

The French properties comprise three mainly office properties located in or near the major business districts of Ivry-sur-Seine, La Défense and Charles de Gaulle Étoile.

Meanwhile, the Polish properties comprise two predominantly office properties in Kraków and an office property in Poznań.

Wing Tai acquires Tokyo hotel for $53.6 mil

SINGAPORE (June 20): Wing Tai Holdings is acquiring the Red Planet Hotel Asakusa Tokyo from GK Rio Grande for a consideration of 4.25 billion yen ($53.6 million).

The hotel has 134 rooms across 13 floors and a restaurant.

The hotel was acquired by Wing Tai through Winrise (Japan) TMK, its newly incorporated tokutei mokuteki kaisha (TMK) or special purpose company incorporated under Japanese law regarding securitisation of assets for investment holding purposes.

Shares in Wing Tai closed at $2.05 on Thursday.

CRCT says acquisitions will all be accretive to distributable income

SINGAPORE (June 14): CapitaMall Xuefu and CapitaMall Aidemengdun in Harbin, Heilongjiang province, and CapitaMall Yuhuating in Changsha, Hunan province are three malls that CapitaLand Retail China Trust plans to acquire from CapitaLand, subject to unitholders’ approval in an extraordinary general meeting.

Indeed, unless unitholders have visited the properties, some may have difficulty recalling the names of CRCT’s 11 malls in China.

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