Stocks In Focus SG (CapitaLand, JES Int’l, OUE Com Reit) – 27/01/15

CapitaLand’s subsidiary CapitaMalls Malaysia Trust signed a sales and purchase agreement with Tropicana City, to acquire Tropicana City Mall and Tropicana City Office Tower at a consideration of RM540 million. Located in Petaling Jaya, the properties consist of a four-storey shopping mall with 4 levels of carparks and a 12-storey office building. As at 15 January 2015, the retail mall and the office tower have committed occupancy rates of 89.2 percent and 100 percent respectively. Post-acquisition, gearing ratio of CapitaMalls Malaysia Trust will increase from 28.8 percent to 39.5 percent.

JES International Holdings has entered into a shares subscription agreement with Brilliant Choice International and Sun Yiyi, to which the latter parties will subscribe for 183 million new JES shares at a discounted price of $0.036 each. The subscription shares will represent 15.2 percent of existing issued shares and will increase the share capital of the company by $6.6 million. Proceeds raised will be used to pay off part of an amount owed to JES Overseas Investment.

Following DSAG Investment’s disposal of 36 million shares in Nico Steel Holdings to Parot Tovot, Nico Steel updated that Parot Tovot became a controlling shareholder of the company with 28.4 percent stake. The company and DSAG hope to tap on Parot Tovot’s owner Dov Rauschwerger’s contacts with various private equity funds and key players of various businesses, including the electronics and bio-technology industries, and experience to streamline and diversify its businesses.

For the fourth quarter ended 31 December 2014, OUE Commercial REIT reported a revenue of $19.6 million, exceeding its forecast by 12 percent. Net property income was at $14.4 million, 14.9 percent better than forecasted, and distributable income also surpassed the projected target by 5.5 percent to $12.6 million. A distribution per unit of $0.0144 was declared.

For the fourth quarter ending 31 December 2014, Viva Industrial Trust reported revenue of $16.6 million, 8.7 percent better than forecasted. Net property income came in 8.6 percent higher at $11 million. Distributable income was at $10.3 million, a slight 1.6 percent off target. The group announced a distribution per stapled security of $0.01701, hitting below the mark by 0.7 percent, bringing total distribution per security for FY14 to $0.06833.

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