sale

SingPost to divest loss-making US subsidiaries amid strategic review

SINGAPORE (April 4): Singapore Post Limited (SingPost) has announced its intentions to sell its controlling stakes in US e-commerce businesses, Jagged Peak and Trade Global, as part of its strategic review.

In filing on Wednesday night, the postage and e-commerce company says it believes its strengths and strategic competitive advantages lie in the Southeast Asia and Asia Pacific region which provides “attractive growth opportunities”.

Vibrant Group to sell and lease back Jurong Island facility in $227.5 mil deal

SINGAPORE (Feb 13): Vibrant Group’s 51%-owned subsidiary, LTH Logistics, has entered into a conditional put and call option agreement to sell its logistics and warehousing facility at Jurong Island for $227.5 million to SGRE Banyan Pte. Ltd.

The consideration comes at an 8.3% premium to CBRE’s $210 million valuation of the property as at 15 Oct 2018, and is subject to a $14.25 million upfront land premium payable to JTC.

SIA Engineering divests 20% stake in Jamco joint venture for $4 mil

SINGAPORE (Jan 30): SIA Engineering Company (SIA EC) has sold its entire 20% stake in Jamco Singapore, to the latter’s majority owner Jamco Corporation for $3.97 million in cash, representing a 43% premium to net value.

Based on the JV’s audited financial statement for FY18, the net asset value of shares disposed of by SIA EC is $2.77 million.

Jamco Singapore was a 20:75:5 joint venture between SIA EC, Jamco and Itochu Corporation. It is based in Singapore and manufactures aircraft galleys, seats and cabin parts.

Malaysia to put $7.4 bil of homes on the sale rack in March

(Jan 28): Malaysia is planning a sale for $7.4 billion of real estate to bridge the gap between property oversupply and lack of affordable homes, with developers asked to offer at least 10 percent discount.

The numbers are staggering: about 180 developers will offer 22,000 units worth a total of 22.5 billion ringgit ($7.4 billion) at the expo planned for March 1 to 3. About a quarter of the property on offer will be priced at 300,000 ringgit or less, said Housing and Local Government Minister Zuraida Kamaruddin, adding that the transactions will be exempt from stamp duty fee.

HLH Group scraps $16 mil sale of D'Seaview Hotel on payment issues

SINGAPORE (Dec 12): Hong Lai Huat Group (HLH Group) is terminating its $15.7 million sale of D’Seaview Hotel, a component of the group’s mixed-use development project in Cambodia.

This is because buyer has failed to make fulfil the requisites for payment for the project after only making partial payment to HLH Group its Cambodian subsidiary PH One Development, the project’s vendor.  

The decision was arrived at after PH One sought legal advice from its Cambodian counsels.

Hyflux liquidates Indonesian asset for $32 mil in race to restructure debt

SINGAPORE (Nov 20): Hyflux has agreed to sell its 50% stake in PT Oasis Waters International, a manufacturer and distributor of bottled drinking water in Indonesia, for $32 million.

This is below Oasis Waters’ net tangible asset (NTA) value of $32.3 million based on the group’s unaudited financial results for 1Q18, representing a deficit of about $0.3 million in book value.

The liquidation move comes as part of the group’s efforts to streamline its business activities, and to re-focus on its core activities in the infrastructure sector, says Hyflux in a filing on Monday.

HNA explores sale of newly acquired CWT logistics unit

HONG KONG (Sept 19): China's HNA Group is in talks with banks to find a buyer for its CWT logistics unit, nine months after it acquired the Singaporean business in a US$1 billion  ($1.4 billion) deal, several people familiar with the matter told Reuters.

See: CWT receives formal US$1 bil takeover offer from HNA

Serial System to divest stake in Australian laundry business for $43 mil

SINGAPORE (Sept 12): Serial System, the distributor of electronic components and consumer products, is divesting its entire 27.34% stake in SPL Holdings (Australia) to Anchorage Bridge Street for US$31.2 million ($43 million).

SPL Holdings is an Australia-based commercial laundry business whose clients include hospitality brands such as Hilton, Hyatt and Sofitel. On the other hand, the buyer is a company owned by funds managed by Australian private equity (PE) firm Anchorage Capital Partners.

Sale of 55 Market Street opens more doors for Frasers Commercial Trust, says DBS

SINGAPORE (July 11): DBS Vickers Securities is positive on Frasers Commercial Trust’s (FCOT) recent disposal of its commercial property at 55 Market Street, highlighting the move as one that unlocks value and opportunities for capital recycling.

HLH sells hotel in D'Seaview project for $15.7 mil

SINGAPORE (Mar 26): HLH Group has sold the 10-storey, 98-room hotel component of its D’Seaview mixed-used development project in Sihanoukville, Cambodia, for a total cash consideration $15.7 million.

D’Seaview comprises 737 residential and 67 commercial units with four blocks of commercial segment including a mix of commercial shop space, retail units and a boutique hotel.

It marks the developer’s first freehold mixed-used development project in Cambodia, and is located in close proximity to Sokha beach.

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