Stocks In Focus SG (Ascendas, Dragon Group, IPC Corp) – 31/03/15

Ascendas Funds Management (AFM), manager of Ascendas Real Estate Investment Trust (A-REIT) has completed the acquisition of The Kendall at 50 Science Park Road for a purchase consideration of $112 million from Singapore Science Park, a wholly-owned subsidiary of the sponsor of A-REIT, Ascendas Group. The acquisition will enhance A-REIT’s portfolio with another high quality science park property that will support the exclusive community of researchers, engineers and support staff in the Singapore Science Park. The acquisition is the 27th property that A-REIT has acquired from its sponsor since its IPO in 2002 and is expected to generate net property income yield of approximately 6.8 percent of the post-acquisition costs in the first year.

Dragon Group International announced an allotment of approximately 28 million new shares, increasing the total number of issued shares to approximately 348 million ordinary shares. The new shares are expected to be listed and quoted on 1 April 2015, where trading will commence from 9 a.m on the same day.

IPC Corp announced that it is currently under negotiations with a party for the sale of the group’s remaining seven hotels in Japan. The proposed sale price is roughly $150 million subject to agreement between the parties.

Rotary Engineering has secured a main construction contract worth $25 million from an oil major for the construction of its lubricant plant in Jurong. Expected to be completed by April 2016, this is the third project Rotary has undertaken, spanning work across the plant’s production, storage and related facilities. The contract showcases Rotary’s continuous move up the value chain, enabling the company to maintain margins and set itself apart from the competitors.

More From Shares Investment:

• USA Daily Bulletin – 07/04/15

• Asia Daily Bulletin – 07/04/15

• Saizen REIT: Deeply Undervalued But Not A Buy For All