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inphyy Jubilee to acquire 60% stake in Viridea @ Medini Lakeside for $60m

In a proposed reverse takeover.

SGX Catalist-listed Jubilee Industries Holdings Ltd (Jubilee) announced today that it plans to acquire a 60%-stake in a development project in Medini Iskandar in a proposed reverse takeover (RTO) which includes a profit guarantee from its vendor of RM180 million (approximately S$72 million).

Jubilee said that it had entered into a conditional non-binding Memorandum of Understanding (MOU) with Jewelstone Properties Ltd (Jewelstone) to acquire its wholly-owned subsidiary, Tenderside Ventures Limited (Tenderside), for a consideration of RM150 million (or S$60 million based on the agreed average exchange rate of S$1 to RM2.50 over the 12 months prior to the MOU).

Tenderside owns a 60%-stake in Viridea Lakeside Sdn Bhd (Viridea), which in turn has contracted to acquire the development project known as “Viridea @ Medini Lakeside” located in Medini Iskandar, Johor, Malaysia.

The Project, a mixed development comprising serviced apartments, retail units and SOHO apartments, is a short drive from the Second Link connecting Johor to Singapore. It is situated within Medini Iskandar, a 2,230-acre zone within Iskandar, Johor, which offers special incentives for investors.

Viridea will be developing six plots of land which is expected to yield a combined gross floor area of 1.07 million square feet over 8.2 acres of land with an estimated gross development value of approximately RM800 million (approximately S$312.5 million). The Project is expected to generate profits of RM300 million (approximately S$120 million) of which RM180 million (S$72 million) of such profits shall be declared in favour of Jubilee according to the MOU.

Jewelstone will be controlled by Singapore businessman Mr Dennis Ng. Any shortfall of the profit guarantee will be made up in cash by Jewelstone. In consideration of the acquisition of Tenderside, Jubilee is proposing to issue to Jewelstone approximately 272.7 million new Jubilee shares at 22 Singapore cents each. The Consideration Shares represent approximately 53.7% of the enlarged share capital of Jubilee of approximately 507.4 million shares.

On completion of the RTO, Jubilee will control a property developer purely focused on Medini Iskandar, which offers eligible investors certain tax and other privileges and benefits.

Mr Ng is the President and CEO of King George Financial Corporation and a Director of Allied Hotel Properties Inc. Both these companies are involved primarily in real estate and listed on Canada’s TSX Venture Exchange in Canada. Mr Ng is the son of Dato’ Ng Eng Tee, the Deputy Chairman and Executive Director of United Malayan Land Bhd, a successful and experienced developer.
18/10/2013 8:13 PM
inphyy Signal Update

Our system’s recommendation today is to STAY LONG. The previous BUY recommendation was issued on 10/10/2013, 8 days ago, when the stock price was 0.2110. Since then 5OS.SI has fallen by -5.21%.

Market Outlook

The market color is grayish but we hope that it will change to white. However, there are positive tones as well. The signal tells us to STAY LONG, and the stop loss is not triggered. Though a bit disappointed, we still recommend you to STAY LONG.
18/10/2013 10:54 PM
albertlaw Iskandar Waterfront Holdings IPO likely to value developer about RM5bilJan 10, 2013
View printable version

PETALING JAYA: The planned mega initial public offering (IPO) by tycoon Tan Sri Lim Kang Hoo of Iskandar Waterfront Holdings Sdn Bhd (IWH) is looking to value the master developer at around RM5bil, causing excitement among international and local investment bankers looking to play a role in the offering, sources said.

An earlier reported figure of US$300mil (RM912mil) to be raised from the exercise might be a conservative figure, said one banker. “It is possible that the amount raised could be more than that, judging just on the size and value of recent land deals by IWH,” said one banker.

On the other hand, other bankers cautioned that considering the “one-project” nature of IWH's business, it may not be that easy for investors to attach too high a valuation on the shares of IWH.

IWH is to be listed as a “master developer”. Checks revealed that there are less than 10 such listings globally.

While still in its early stages, the IWH IPO has attracted a few international bankers to visit the management of IWH in response to a request for a proposal.

IWH's proposition is that it is banking on the potential future earnings from the 1,619-ha waterfront city project in the southern state of Johor.

In an earlier interview, Lim had told StarBiz that Country Garden's development would have a GDV of some RM18bil, with the first-phase GDV of the project alone at around RM2.5bil. The project will be stretched over 10 years.

The other ongoing projects in Iskandar Waterfront include the RM500mil Azea Residences by a Singapore group, the RM105mil Plazzo Hotel and Serviced Suites by the Waz Lian Group and the RM20mil Tune Hotel project.

Source: The Star Online

KUALA LUMPUR, Nov 4 (Reuters) - Iskandar Waterfront Holdings, a Malaysian property developer focused on the southern state of Johor, has postponed an up to $300 million IPO to the last quarter of 2014 due to property cooling measures, two sources said on Monday.

The firm, tasked with developing a metropolis in Johor state that neighbours Singapore, had previously deferred the listing to early 2014 from an initial target to sell shares in this current quarter.

The IPO is a casualty of the Malaysian government's plan to raise real property gains taxes next year and double the minimum price at which foreigners can buy property as it seeks to cool prices.

"The assets have to be revalued now with the changes in real property gains tax," said one of the sources. The sources declined to be identified as the matter was private.

Officials in Iskandar could not be immediately reached for comment.

(Reporting By Yantoultra Ngui; Editing by Niluksi Koswanage)

..Jubliee..hype about Iskander gone liao
05/11/2013 2:39 PM

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