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Stocks In Focus SG (Frasers Centrepoint, Hiap Hoe, Spackman Entertainment Group) – 09/12/14
Ecowise Holdings announced a signing of a conditional assignment agreement with Phillip Ventures Enterprise Fund 2 (PVEF2) and Zhang Gong Jun, to transfer their interest in debt due and owing by the company’s subsidiary Changyi EnerSave Biomass to Energy Co (CEBEC) to the company. The agreed consideration is $1.2 million in cash, and $1 million worth of the company’s shares at $0.07 each.
Frasers Centrepoint’s Thailand subsidiary has agreed to sell its 49 percent stake in Riverside Homes Development Co and its 40.5 percent interest in Krungthep Land Public Company for THB2,275.9 million (about $90.8 million). Both firms develop residential properties for sale in Bangkok, Thailand. The sales are part of Frasers’ strategy to rebalance its portfolio with a view to increase its recurrent earnings and reduce reliance on its development business.
Hiap Hoe announced the disposal of joint venture Hiap Hoe SuperBowl to Hiap Hoe Holdings, its majority shareholder. Hiap Hoe Holdings will fully own the joint venture, and assumes all its existing shareholders’ loans. Net proceeds of $72.8 million arising from the divestment will utilised for working capital requirements, general corporate purposes and reducing the company’s bank borrowings.
Lippo Malls Indonesia Retail Trust has closed the doors on its placement of 117.6 million new units at an issue price of $0.34 per unit. The net proceeds, approximately $39 million, will be used to fund the acquisition of Lippo Mall Kemang.
Spackman Entertainment Group has agreed to acquire a 51 percent of Novus Mediacorp Co for $2.5 million. Novus is a renowned movie investor, presenter and ancillary distributor of Korean theatrical films. Novus is currently co-producing three theatrical films. This will bring Spackman’s current production slate to 10 films, of which seven or more are aimed for release in 2015.
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