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Stocks In Focus SG (Frasers Centrepoint, Ley Choon, W Corp) – 04/06/14
Singapore’s Purchasing Manager’s Index remains in the expansion territory in May at 50.8. The reading was however 0.3 point lower than April’s 51.1. Contraction in employment and lower stock-holding of finished goods were the factor behind the slower pace of expansion.
Frasers Centrepoint has proposed to acquire ASX-listed Australand Property Group for cash consideration of A$2.6 billion ($3 billion). Should the transaction be successful, it would be a transformational one that gives the company immediate scale and a quality platform in Australia.
Global Logistic Properties has signed three new lease agreements totaling 44,000 square meters with three companies in China. Two of the deals are inked with new clients.
Ley Choon Group Holdings has ventured into its third overseas market, Sri Lanka, with a $38.2 million sewer pipe rehabilitation contract. The project is expected to be completed in 2.5 years. This contract win brings the group’s total order book to $181 million.
Singapore e-commerce firm YuuZoo Corporation plans to go public through a $490.9 million reverse takeover of W Corporation. The deal will be submitted to exiting W Corp shareholders for approval. The terms of the deal will see 490.9 million new W Corp shares valued at $1 each to be issued to existing YuuZoo shareholders. As part of the proposed exercise, W Corporation will also be undertaking a proposed share consolidation exercise under which 10 existing shares will be consolidated into one new share.
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