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Stocks In Focus SG (Olam Int’l, SGX, Croesus Retail) – 02/09/14
Croesus Retail Trust proposed the acquisition of One’s Mall, a completed retail property in Japan, for a net purchase price of JPY11,675 million (approximately $140.7 million). The property is located in Chiba, Japan and comes with a net leasable area of 52,844 square metres, freehold tenure and 1,534 carpark lots. The trust intends to partly finance the acquisition via a private placement of 78.9 million new units between a price of $0.89 and $0.92, in order to raise gross proceeds between $70.2 million and $72.6 million.
Metech International has undertaken a new business in repairing via a strategic partnership with R-Logic International. This venture serves to diversify the group’s business from precious metal recovery and ferrous and non-ferrous metal recycling to include repairs and reuse of electronic equipment.
Olam International has sold its dairy processing plant in Cote d’lvoire to Royal FrieslandCampina for US$18.7 million. Additionally, Olam will assign its trademark “Pearl” for a price of US$6.3 million, providing Friesland the right to use the trademark for sweet condensed and evaporated milk products in certain designated countries in Africa. Olam expects to book a one-time pre-tax gain of approximately US$10 million upon completion of the transaction in 2Q15.
Singapore Exchange proposes the provision of improved accessibility of bonds to retail investors. The new framework will benefit retail investors in two ways, namely allowing the purchase of bonds in smaller lot sizes that are currently denominated in $0.2 million or above, and subsequent offers of new bonds by their issuers on the same terms as seasoned bonds. However, the proposed regulatory framework will only apply to plain vanilla bonds with a minimum principal amount of $300 million and a maximum tenure of 10 years.
YHI International agreed to sell its land and building located in Negeri Sembilan, Malaysia for RM30.5 million (approximately $12.1 million). Due to the ongoing restructuring of the company, the property is no longer a fit in the group’s strategy. As such, the property can be disposed while the proceeds from disposal can be channeled into general working purposes, other business opportunities as well as to pay back borrowings.
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