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Stocks In Focus SG (CapitaLand, Q&M Dental, Serial System) – 04/06/15
CapitaLand’s wholly owned service residence business unit, The Ascott, has achieved its target of 40,000 apartment units globally ahead of its planned schedule of end 2015. Ascott has secured 10 new contracts in the month of May to manage over 2,000 units in China, Indonesia, Thailand and Oman. This has increased Ascott’s portfolio to more than 41,000 units in 270 properties across 91 cities in 25 countries, cementing its position as the world’s largest international serviced residence owner and operator. Going forward, Ascott plans to double its portfolio to 80,000 units by 2020, through investments, management contracts, strategic alliances and franchises.
Q&M Dental Group (Singapore) has announced that its subsidiary had entered into two separate non-binding memorandum of understanding to acquire a 60 percent stake each in three dental clinics in the Liaoning Province in China for a total consideration of Rmb12.2 million. The agreement also includes a 12-year full time service agreement with two vendors as well as profit guarantees and dividends amounting to approximately Rmb20.9 million and Rmb12.5 million respectively.
Serial System’s wholly owned subsidiary, Serial Microelectronics, together with its 70 percent owned subsidiary, have entered into business agreements with Ryosan Company, an electronic distribution company. The deal calls for the sale of Serial System’s distribution rights of products manufactured by On-Semiconductor (On-Semi) in Japan, as well as customer assignments and business backlogs relating to the products of On-Semi. The total consideration is approximately US$3.2 million in cash, to be paid in three parts with the final payment on 3 August 2015. The net profit arising from the sale is approximately US$1.4 million.
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