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 ...
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 ...
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 ...
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 ...
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. ...
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 ...
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 See: HNA to face $3.1 bil liquidity crunch this quarter See: HNA's fire ...
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 ...
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. FCOT is expecting to book a net gain of about $76.5 million once the transaction is completed by end-Aug this year, and intends to use proceeds from ...
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 ...