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Stocks In Focus (Ascott, AsiaMedic, Oceanus) – 10/06/13
Ascott Secures Contract To Manage A Serviced Residence In Philippines
The Ascott, a member of CapitaLand, has won a contract to managed its eighth serviced residence in the Philippines. The 150-unit Somerset Alabang Manila (SAM), situated in Alabang, a major business district in Metro Manila, Philippines, is expected to open in 2017. SAM is an integrated development with office, retail, residential and leisure components. Ascott’s regional general manager for the Philippines and Thailand, Arthur Gindap, said: “Ascott already has a strong foothold in Makati City, the country’s primary financial centre, with three operating properties. Hence, we are actively expanding in other business districts where foreign direct investment has generated robust demand for serviced residences.” In addition, Ascott is set to open Ascott Bonifacio Global City Manila and Citadines Salcedo Makati in 2014 and Citadines Millennium Ortigas Manila in 2015.
Significance: The contract win will reinforce Ascott’s position as the largest international serviced residence owner-operator in the Philippines with more than 1,400 apartment units across eight properties.
AsiaMedic Signs Heads Of Agreement To Set Up Facilities In 2 Myanmar Hospitals
AsiaMedic entered into a Heads Of Agreement (HOA) with Five Oceans Service (FOS) to incorporate a joint venture company (JVCo) in Myanmar to set up a PET/CT scanner in City Hospital and a MRI scanner in Nyein Hospital in Mandalay, Myanmar. The JVCo will have an initial capital outlay of US$3 million, with each party investing the amount corresponding to their respective shareholdings in the JVCo. AsiaMedic is intending to assume a 49 percent stake in the JVCo with FOS holding the balance. Dr. Wong Weng Hong, chief executive officer of AsiaMedic, said: “Consistent with our regional growth strategy, we will continue to leverage off our core competencies in seeking partnerships with local establishments to improve healthcare in Myanmar.” From an earlier announcement in April 2013, AsiaMedic announced that it would provide teleradiology services for City Hospital and Nyein Hospital.
Significance: AsiaMedic will enjoy the first-mover advantage from its PET/CT service offering in Mandalay. Presently, patients have to go overseas for PET/CT scans, causing both great expense and inconvenience. The setting up of the scanners is expected to be completed by 2H14.
Oceanus Proposes Rights Issue To Raise $28.3m
Oceanus Group is proposing a rights issue of up to one billion new shares in the issued and paid up share capital of the firm at an issue price of $0.029 for each rights share, on the basis of 38 rights shares for every 100 ordinary shares, to raise $28.3 million net proceeds. The firm is seeking to strengthen its cash position and reduce or retire certain debts within the company. Slightly more than half of the net proceeds will be used to fund general working capital with the balance spread across repayment of bank loans, other loans and advances as well as the reconstruction of production facilities.
Significance: Following the completion of the rights issue, the new shares represent 27.5 percent of the firm’s enlarged share capital. Notably, the issue price represents a 42 percent discount to the closing price of $0.050 per share on SGX on 6 June 2013, being the last trading day prior to the date of this announcement.
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