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Stocks In Focus SG (CapitaLand, FSL Trust, Suntec REIT) – 19/03/14
• CapitaLand completed the divestment of its remaining 39.1 percent stake in Australand for A$848.8 million ($970.1 million), or A$3.75 per security, which represents a 3.6 percent discount to the closing price of Australand’s stapled securities on 18 March 2014. CapitaLand will channel the proceeds to its core markets of Singapore and China.
• First Ship Lease Trust has disposed two loss-making dry bulk vessels for US$23.6 million ($29.8 million). The disposal is expected to save the trust US$3 million in dry dock capital expenditure for 1Q14. Net proceeds will be used to lower outstanding loan facility and reduce subsequent principal repayments by at least US$5 million in 1H14.
• Suntec Real Estate Investment Trust placed 218.1 million new units in its trust to raise $341.4 million in net proceeds. The funds will be used to repay its existing debt and reduce Suntec’s gearing from 38 percent, as at 31 December 2013, to 33.8 percent. The reduction will provide the trust with greater financial capacity to capitalise on potential growth opportunities.
• Midas Holdings secured Rmb71.9 million worth of contracts from CNR Changchun Railway Vehicles. Midas will supply aluminium alloy extrusion profiles for 372 train cars, scheduled for delivery between 2014 and 2015.
• OUE, together with Lippo and Caesars Entertainment Corporation, has been granted pre-approval to develop the first internationally branded integrated entertainment resort in South Korea. The project, worth KRW855 billion ($1 billion), is expected to be ready for the 2018 Winter Olympics in South Korea. OUE will focus on the hotel component and convention centre of the project.
• Rickmers Maritime has inked a charter with Maersk Line for two of its vessels for an initial minimum period of 12 months, up to a maximum of 24 months. The charter is estimated to generate US$5 million over the first 12 months for Rickmers.
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