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Stocks In Focus SG (Top Global, Yoma Strategic Hldgs, Singapore Exchange) – 11/12/13
Top Global To Acquire Indonesian Developer
Top Global (TG) has agreed to acquire a 71.5 percent stake in Suryamas Dutamakmur (SD), a company incorporated in the Republic of Indonesia. SD primarily develops and sells real estate properties in Indonesia. Within its portfolio, the target company also operates golf courses, country clubs, hotels, and other resort facilities in Indonesia.
Under the acquisition, TG will acquire 3.4 billion shares in SD at an approximate consideration of $153 million. The deal will be financed by the issuance of 13 billion new ordinary shares in TGL at $0.0078 per share based on the volume weighted average price of TG shares on 9 December 2013, and 5 billion options in TG with an exercise price of $0.008.
When the acquisition is completed, net tangible assets of TG are projected to increase 87.5 percent to $257.2 million before the exercise of TG options.
Significance: The acquisition will grant TG immediate access to the fast-growing Indonesian property market and provide additional sources of revenue, simultaneously, also diversifying TG’s existing business.
Yoma To Acquire 80% Stake In Pun Hlaing Golf Estate Land
Yoma Development Group (YDG), a subsidiary of Yoma Strategic Holdings, has entered into a conditional agreement to acquire an 80 percent interest in a plot of land located in the Pun Hlaing Golf Estate (PHGE), Yangon, Myanmar, from Pun Hlaing Lodge (PHL) for US$2.4 million.
As part of the agreement, a new Myanmar company will be established, holding rights and interest to the PHL-owned land, measuring 8,887 squares meters. Thereafter, 80 percent of the company’s shares will be allotted to YDG and PHL will hold the remaining 20 percent. Presently, PHL holds the rights over a 60 year-old lease on the plot of land.
Construction of an international standard hotel building comprising of 46 guest rooms and related conference and banquet facilities has been proposed on the plot of land. YDG’s pro rata contribution in the construction costs will be up to US$9.4 million.
Significance: PHGE is one of Yoma’s main developments of residential units. In an effort to support golf tourism, Yoma seeks an acquisition of the PHL-owned land to elevate PHGE’s facilities by building a hotel to accommodate golfers for international tournaments.
SGX And Thomson Reuters Launch Bond Indices
Singapore Exchange (SGX) and Thomson Reuters announced the launch of a suite of Singapore dollar denominated bond indices designed to specifically meet the needs of fund managers, asset owners and custodians in benchmarking investment performances.
The new bond index series is the only complete government, statutory board and corporate bond index series to provide five years of historical data. This offers market participants a powerful tool to monitor fixed income returns across various segments.
The Thomson Reuters/SGX Singapore Fixed Income indices are based on a time-specific method to determine the fair market value of each bond. This method not only provides better indicative prices but is also ideal for the creation of index-based investment products such as exchange traded funds which seek to provide specific investment access to Singapore debt instruments.
Significance: In view of the record amount of corporate bonds belonging to Asian companies listed on SGX, the launch of the bond indices will enable SGX to increase transparency and improve the price discovery process for investors.
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