mergers and acquisitions (M&A)

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.

Frasers Centrepoint Trust in equity fund raising for at least $422 mil

SINGAPORE (May 16): The manager of Frasers Centrepoint Trust (FCT) has proposed an equity fund raising to raise gross proceeds of no less than $421.7 million.

As part of the fund raising, the trust will be issuing a private placement of 135.7 million new units at an issue price of between $2.30 and $2.382 per unit which has an upsize option to raise gross proceeds of up to $369.6 million.

Potential investor interested in Hyflux's overseas assets

SINGAPORE (May 16): Hyflux on Wednesday announced it had received a non-binding letter of interest from a potential investor to acquire certain of the company’s assets in Algeria and Oman, as well as other assets in the Middle East and North Africa region.

The investor also showed interest in the operation and maintenance activities relating to these assets. The investor intends for this acquisition to grow its portfolio of desalination plants.

EC World REIT's positive 1Q earnings and accretive acquisition of Fuzhou E-Commerce keep it at 'buy'

SINGAPORE (May 14): EC World REIT (ECW REIT) on May 10 announced a 2.2% increase in its 1Q19 DPU to 1.501 cents, compared to 1.469 cents in 1Q18.

Distribution to unitholders was $11.9 million, 3.1% higher compared to the same quarter last year.

Gross revenue came in 0.3% lower y-o-y at $23.9 million, bringing net property income (NPI) to $21.2 million, 1.4% lower y-o-y. These were mainly due to exchange rate differences. In RMB terms, the gross revenue and NPI were 3.0% and 1.9% higher respectively compared to same quarter last year.

Analysts like Mapletree Log on stable CWT situation, positive 4Q results

SINGAPORE (Apr 30): Analysts like Mapletree Logistics Trust (MLT) given its positive 4Q19 results, stable CWT situation and capital recycling strategy.

See: Analyst sentiments on Mapletree Logistics Trust turn lukewarm due to valuations

The manager of MLT on Apr 26 announced that its 4Q19 DPU of 2.024 cents, 4.5% y-o-y , as the amount distributable to unitholders increased by 23.8% y-o-y to $73.3 million.

Memories acquires 15.3% stake in Strand Hotel for up to US$3.7 mil

SINGAPORE (Apr 26): Memories Group is acquiring a 15.28% stake in Strand Hotel International from Oakfame Investment and its holding company, Sun Hung Kai & Co.

The consideration will be settled by way of issuance of unlisted convertible bonds amounting to US$3.2 million ($4.4 million) at the coupon rate of 5% per annum. The group has entered into a conditional convertible bond subscription agreement with Oakfame, whereby the group will issue and Oakfame will subscribe for the convertible bonds.

Keppel Infrastructure Trust kept at 'buy' by DBS on successful fund raising exercise, Ixom acquisition

SINGAPORE (Apr 17): DBS Group Research is keeping its “buy” call on Keppel Infrastructure Trust (KIT) with a target price of 58 cents, following its results announcement on Monday.

KIT declared an unchanged DPU of 0.93 cent for 1Q19 ended March, as well as a loss of $16.2 million compared to earnings of $7.5 million in 1Q18.

SPH expands UK student dorm portfolio with $237 mil acquisition

SINGAPORE (Apr 16): Singapore Press Holdings (SPH) announced that its wholly-owned subsidiaries, Straits Five, Straits Six and Straits Eight, have acquired a portfolio of Purpose-Built Student Accommodation (PBSA) assets in the UK for £133.7 million ($237.0 million).

The group purchased the assets from Habitus Holdings, Privilege Holdings, Privilege Southampton Holdings and AIGGRE Europe Real Estate Fund I GP.

ThaiBev gears up to fund growth, debt level seen as manageable

SINGAPORE (Apr 15): Thai Beverage has spent the past few years on an $8 billion acquisition spree, as it expanded beyond its home market and into other Southeast Asian markets. It bought a 53.59% stake in Saigon Beer Alcohol Beverage Corp (Sabeco), Vietnam’s largest brewery company, and snapped up a 75% stake in the Grand Royal Group, Myanmar’s largest whiskey player. Besides drinks, it is venturing into fast food: It bought the franchise rights to run more than 250 KFC outlets in Thailand.  

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Spindex acquires 50 year leasehold land in China for $4.2 mil

SINGAPORE (Apr 11): Spindex Industries announced that its wholly-owned subsidiary, Spindex Precision Technologies (Nantong) Co has acquired a 50 year leasehold land in Nantong Jiangsu, China for about CNY 20.7 million ($4.2 million).

The land has an area of approximately 53,863.87 sqm and will be used for the group’s office and factory building construction in the near future.

Spindex intends to fund this acquisition internally through capital injections and/or loans.

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