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Stocks In Focus SG (Boustead, First REIT, Keppel Land) – 03/12/14
Annaik has entered into two agreements to sale its 19 percent stake each in Shinsei Company (S) and Both-Well Holdings (S) for a total consideration of $4.5 million. Shinsei manufactures and distributes steel flanges while Both-Well builds and sells high pressure steel forged fittings. The former has been in a loss-making position since incorporation while Both-Well merely broke even for the six-month period ended 30 June. Rising manufacturing costs in China has led Annaik to foresee that both firms will not turnaround or improve its financial performance soon.
Boustead Singapore announced that it is considering the proposed demerger of its real estate solutions business, undertaken primarily by is subsidiary, Boustead Projects and subsidiaries. The demerger will consolidate its real estate solution business under Boustead Projects, and aim to distribute Boustead Project shares (BP shares), currently own by the company, to its shareholders, with hopes of listing BP shares on the main board of the Singapore Exchange Securities Trading.
Del Monte Pacific, together with Nice Fruit and Ferville, will establish a joint venture (JV) company to operate a modern de-hydro freezing facility in Del Monte’s pineapple plantation in Mindanao, Philippines, and engage in the production and sale of frozen fruit products. The JV, which Del Monte will hold a 35 percent stake in, is expected to contribute to the firm’s overall sales.
First Real Estate Investment Trust has agreed to purchase Siloam Sriwijaya, a seven-storey hospital building sitting on a total floor area of about 15,335.8 square metres (sqm), for $39.2 million. The proposed purchase price is 8.3 percent lower than the average of two independent valuations done on the property. The property will be leased to PT Metropolis Propertindo Utama for an initial period of 15 years, with an extension option of another 15 years. The base rent will be $3.9 million, with a variable component to kick in from the fourth year onwards.
GuocoLand is slated to launch its 99-year leasehold private residential development, Sim Urban Oasis early next year. Sitting at the junction of Sims Drive and Aljunied Road, the project sits on a 2.4 hectare land parcel with eight blocks and a total of 1,024 units expected.
Keppel Land announced a JV effort with Shwe Taung Junction City Development Co and City Square Development, to develop a Grade A office tower in the central business district of Yangon, Myanmar. Keppel Land’s total investment of US$47.4 million (approximately $61.6 million), represents a 40 percent stake of the 23-storey office tower, which will house Yangon’s largest car parking facility and 33,400 sqm of premium office space. The project is expected to be completed in 2017.
JEP Holdings’ subsidiary, JEP Precision Engineering, has signed a lease agreement with Jurong Town Corporation for an 18,502.1 sqm plot of land in Seletar Aerospace Park. The lease, commencing on 1 February 2015 for lease term of 30 years, is worth $10.6 million. The firm expects to invest about $28 million for the construction of a new building and to purchase new machinery to expand capacity. Works are expected to start in April 2015 and end by 1Q17.
Manufacturing Integration Technology has won $13.7 million worth of orders for its vision inspection, die sorting and laser marking equipment for delivery in 1Q15. The new orders would lift the firm’s order book to $32.9 million as of 2 December.
Singapore Medical Group’s local subsidiary TOGC@Parkway East Hospital (“PWE”), has initiated creditors’ voluntary winding-up proceedings by issuing the notice of extraordinary general meeting to its shareholders, and the notice of creditors’ meeting to its creditors. PWE currently has a net liability of $129,000, and announced that it has been at a net liability position since incorporation in 2010, based on latest management accounts available to the company. The firm also highlights that PWE liquidation is not expected to impact its tangible assets and earnings.
Singapore Post’s subsidiary, Quantium Solutions (Australia), has agreed to buy Couriers Please Holdings, an Australian-based parcel delivery company for A$95 million ($105 million). The move would help expand the firm’s regional ecommerce delivery networks and allow it to roll out end-to-end solutions across ecommerce, forwarding, warehousing and delivery in Australia.
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