Stocks In Focus SG (CapitaLand, GLP, Sabana REIT) – 17/04/14

• CapitaLand to raise its stake in CapitaLand (Beijing) Kai Heng Holdings from 20 percent to 100 percent with a Rmb220.2 million (about $45.1 million) purchase consideration. The acquisition is in line with CapitaLand’s strategy to strengthen its China presence.

• Global Logistic Properties (GLP) has leased 34,000 square meters to a leading smartphone manufacturer at facilities in six cities across China. The customer is an existing GLP customer and required more space to meet rising domestic demand for its mobile handsets and other products sold online.

• Sabana Shari’ah Compliant Industrial Real Estate Investment Trust registered a 14.2 percent increase in gross revenue to $24.6 million for the quarter ended 31 March 2014, driven by contribution from its property at 508 Chai Chee Lane, which was acquired in September 2013, and higher income from 151 Lorong Chuan, which was converted into a multi-tenanted lease agreement in 4Q13. However, higher property expenses led to a 9.2 decline in net property income to $18.4 million. Coupled with higher finance costs, net income shrank 28.6 percent to $9.4 million. This resulted in a 22 percent fall in distribution per unit for 1Q14 to $0.0188, from $0.0241 a year earlier.

• Ezion Holdings has issued 100 million new shares at $1.94 apiece to Asia Fountain Investment Company, a subsidiary of Hong Kong-listed Guoco Group. The net proceeds, approximately $190 million, will be used for the acquisition of offshore and marine assets as well as general working capital purposes.

• Natural Cool Holdings (NCH) has agreed to sell its property at 20 Benoi Crescent for $26.5 million. While no operational impacted is expected from the disposal, the sale will be used to reduce NCH’s bank borrowings and interest expense, leading to a healthier balance sheet.

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