SGX spells out expectations for public Reits

SINGAPORE's frontline market regulator has spelled out its expectations for Reits that choose to go public here, after recent negative newsflow on newly-listed Eagle Hospitality Trust sparked a discussion about disclosures and gatekeeping.

Activist fund calls for merger of Sabana Reit and ESR Reit

ESR Cayman's cross ownership of the managers of Sabana Reit and ESR Reit puts Sabana at a disadvantage when the two Reits' investment mandates overlap, and ESR should resolve the issue by merging them, says activist fund Quarz Capital Management.

Activist fund calls for merger of Sabana Reit, ESR Reit

ESR CAYMAN'S cross ownership of the managers of Sabana Reit and ESR Reit puts the former at a disadvantage when the two Reits' investment mandates overlap and ESR should resolve the issue by merging them, activist fund Quarz Capital Management believes.

Eyes on Oxley as Yanlord raises UE cash offer

YANLORD Land Group has raised its cash offer for United Engineers (UE) to S$2.70 per share, after scooping up 39.2 million shares or 6.15 per cent of UE in married trades done at the same price just before noon on Tuesday.

 

Rich Capital JV being sued by main contractor in Batam

A JOINT-VENTURE vehicle linked to Rich Capital is being sued by the main contractor of its Oxley Convention City project in Batam, Indonesia.

United Engineers Q3 profit lifted by S$65.2 million net revaluation gain

REVALUATION gains from four investment properties lifted United Engineers' (UE) net profit to S$84.8 million in the third quarter, up from S$7.7 million in the same period a year earlier.

Mapletree Commercial Trust's preferential offering 1.45 times subscribed

MAPLETREE Commercial Trust (MCT) has raised S$460.5 million in gross proceeds from its preferential offering, which was 1.45 times subscribed, it said on Monday night.

Singhaiyi pares stake in Cromwell Property Group for a profit

MAINBOARD-listed real estate group SingHaiyi sold some three million stapled securities of Australia-listed Cromwell Property Group on Monday for A$3.96 million (S$3.7 million), or A$1.2935 apiece.

Yongnam's losses narrow in Q3 on higher civil engineering revenue

STEEL fabricator Yongnam Holdings posted a net loss of S$11.1 million in the third quarter, narrowing 19 per cent from a net loss of S$13.8 million in the same period a year earlier.

Dyna-Mac net profit down 18.4% in Q3 amid intense competition

DYNA-MAC Holdings, which fabricates topside modules for the oil and gas industry, has posted a net profit of S$142,000 in the third quarter, down 18.4 per cent from the same period a year earlier. 

Food Empire profit up 34.4% to US$7.9 million in Q3

FOOD Empire, which manufactures instant coffee and snacks, has posted a net profit of US$7.9 million in the third quarter, up 34.4 per cent from the same period a year earlier on sales growth in Russia, Ukraine and IndoChina.

Vicom net profit up 6.5% to S$7.2m in Q3

TECHNICAL testing and vehicle inspection group Vicom has posted a net profit of S$7.2 million in the third quarter, up 6.5 per cent from the same period a year earlier.

Aspial's profit slips after buyers walk away from Australia 108 as property cycle turns

FEWER settlements at the Australia 108 mega project in Melbourne have put a dent in Aspial Corp's third-quarter revenue, even as the leveraged property developer counts on fresh cash from handovers to improve its debt profile.

Peer review of reports on EHT's Queen Mary in the works

MORE clarity over the condition of Eagle Hospitality Trust's Queen Mary floating hotel is expected as soon as this month, when a peer review of the critical issues that were flagged in previous inspection reports is expected to be completed.

HOCK LOCK SIEW

Eagle Hospitality Trust's saga raises question mark over adequacy of IPO disclosure rules

THERE is always an element of opportunism to initial public offerings (IPOs). It's natural for companies to want to fetch the best price they can get for their assets.

Eagle Hospitality Trust units hit fresh low as investors take flight

EAGLE Hospitality Trust (EHT) got its wings clipped again on Monday as new revelations about the Reit sponsor's past transactions with certain substantial shareholders and concerns over the value of EHT's second-largest asset, the Queen Mary, left investors nonplussed.

EHT says no requirement to disclose sponsor's links to its largest investor

THE man who became Eagle Hospitality Trust's (EHT) single largest shareholder during its lukewarm initial public offering (IPO) was also the man who sold EHT's sponsor six of the 18 hotels that eventually formed its IPO portfolio, EHT confirmed on Thursday.

Sponsor will pay for Queen Mary repairs: Eagle Hospitality Trust

URBAN Commons, the sponsor of Eagle Hospitality Trust (EHT), is responsible for all the repair work that EHT's Queen Mary floating hotel requires, and these expenses will not come out of EHT's own pocket, the trust clarified on Monday.

KIT's Basslink says it will comply with 'unnecessary' pricing directive

BASSLINK, the undersea power cable company, said on Monday that the new directive from Australian state enterprise Hydro Tasmania that restricts Basslink from operating at full capacity except during critical periods when demand pushes wholesale power prices to their maximum, will result in "...

Mermaid bags US$162m contract extension for Middle East subsea services

A JOINT-VENTURE company formed between Mermaid Maritime and a local offshore services operator has secured a contract extension with a reputable oil major in a Gulf Cooperation Council country in the Middle East, Mermaid said on Monday.

KIT's Basslink says will comply with 'unnecessary' pricing directive

BASSLINK, the undersea power cable company, said on Monday that the new directive from Australian state enterprise Hydro Tasmania that restricts it from operating at full capacity except during critical periods when demand pushes wholesale power prices to their maximum will result in "adverse...

Sponsor will pay for Queen Mary repairs, says Eagle Hospitality Trust

URBAN Commons, the sponsor of Eagle Hospitality Trust (EHT), is responsible for all the repair work that EHT's Queen Mary floating hotel requires, and these expenses will not come out of EHT's own pocket, the trust clarified on Monday. 

COMMENTARY

UE offer: Yanlord and Perennial cut another curious deal

PERENNIAL Real Estate Holdings has just sold all its shares in United Engineers (UE) to Yanlord Land for zero profit, at a price below market. This is not what companies usually do, unless cash is an issue or confidence has been lost in the investment.

HOCK LOCK SIEW

Kingsmen Creatives: Imitation is flattery, but results may vary

THE easiest story to sell is one that people have bought before. Ever since exhibitions innovator Cityneon blazed off the Singapore stock exchange earlier this year, analysts have searched among second-liners for the next multi-bagger.

Keppel names three new independent directors

KEPPEL Corp is adding three new independent directors to its board. From Jan 2, the board will comprise 11 directors, 10 of whom are independent.