Hiap Tong Corporation

HYDRAULIC lifting and haulage services provider Hiap Tong Corporation on Thursday announced that its wholly owned indirect subsidiary, HT Ports Services, has won a contract worth S$36.4 million from the Land Transport Authority (LTA).

The contract is for the provision of services for MRT projects for a period of five years.

Hiap Tong said it expects the contract to have a positive impact to its revenue. However, it added that it is not expected to have a significant impact on its earning per share and net asset value per share for the financial year ending March 31, 2022.

Shares of Hiap Tong closed 0.6 Singapore cent or 9.2 per cent higher at 7.1 cents on Thursday, before the announcement.

Ho Bee Land

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FORMER manpower minister Lim Swee Say will join real estate developer Ho Bee Land as a non-executive independent director from Oct 1.

Mr Lim will also be a member of Ho Bee Land's audit and risk and nominating committees, the Mainboard-listed company said in a bourse filing on Thursday.

The 66-year-old retired politician was, in June this year, also appointed as an independent director at Singtel.

Mr Lim joined the labour movement in 1996 and entered politics in 1997, where he served in various capacities, including minister of state for trade and industry, minister of state for communication and information technology, minister for environment, second minister for national development and minister in the prime minister's office.

He also served as the secretary general of NTUC from 2007 to 2015, and was appointed minister for manpower in May 2015.

Mr Lim stepped down from the Cabinet in May 2018.

Shares of Ho Bee Land closed flat at S$2.82 on Thursday, before the announcement.

Aims Apac Reit

THE manager of Aims Apac Reit (AA Reit) on Thursday announced that it is acquiring the headquarters of Australian supermarket and grocery chain Woolworths for A$463.3 million (S$454 million).

Including transaction costs such as stamp duty, acquisition fee payable to the manager, the total acquisition cost will come up to A$494.3 million - considerably higher than the A$336.5 million that South Korea's Inmark Asset Management paid for the property in 2016.

But the way chairman of the manager George Wang sees it, the asset, which will be the largest in AA Reit's portfolio, will be a "transformational acquisition" for the Reit.

"This proposed acquisition will strengthen AA Reit's foothold in Sydney's resilient business park market," he said.

The property is fully leased to Woolworths, with 10 years left on the lease term, subject to built-in rental escalation of 2.75 per cent per annum.

Units of AA Reit closed S$0.01 or 0.7 per cent higher at S$1.44 on Thursday, before the announcement.