TODAY'S HEADLINE
FAR EAST HOSPITALITY TRUST  
Far East Organization has priced the sale of its Far East Hospitality Trust (Far East H'Trust) at $0.93 per stapled security, representing the top of the indicated $0.86'$0.93 range.

Far East Hospitality is o'ering 329.4 million stapled securities ' 267.6 million placement units and 61.8 million public'o'er units  '  and a total of 376.3 million units to cornerstone investors. The o'ering also has an over'allotment option of 65.9 million units.

The o'er price translates to a distribution yield of about 6 per cent and 6.3 per cent for the annualised forecast period of 2012 and projection year 2013 respectively.

"The IPO has received overwhelming demand from institutional investors, with the investment tranche being more than 30  times covered," said Matthew Song, head of Equity Capital Markets, SEA, HSBC. "More than 200 institutional investors came into the book. In terms of geographical breakdown, approximately 80 per cent were Asian investors, 15 per cent European investors and 5 per cent from US o'shore investors."

NEWS BUZZ
Otto Marine (S$0.088) 
Wins another contract in Africa  
Otto Marine has clinched a US$10mil  time'charter contract for its maintenance and construction/accommodation support vessel, Seasafe Supporter. The contract is for 500 days with an option to extend for two months. This is expected to contribute US$10mil based on the minimum scheduled charter period, and is on top of the US$72mil in ship chartering contracts already announced.

OCBC (S$9.35) 
Selling stake in Paci'c Mutual Fund
OCBC Bank wholly owned subsidiary, OCBC Capital (Malaysia) Sdn Bhd, is selling its 85% stake in Paci'c Mutual Fund Berhad (PMFB) for RM40mil (S$16mil).  Swiber Holdings (S$0.625)  Raising stake in Atlantis to 98.8% Swiber Holdings will be acquiring a further 49.5% interest in Atlantis Navigation AS for US$18.3mil. With the purchase, Swiber will hold 98.8% interest in the investment holding company through wholly owned subsidiary Swiber International Pte Ltd.

Superior Multi'Packaging (S$0.135) 
Crown Holdings unit o'ering 14 cents a share
Goh Cheng Liang is trying to take Mr Goh's investment vehicle, Pianissimo Ltd, and a Singapore unit of US'listed Crown Holdings are o'ering 14 cents per share in cash to take Superior private, valuing at $51.8mil. The o'eror intends to compulsorily acquire the rest of the target company if its shareholding reaches 90%. But the o'er price is a 38.7% discount to the NAV of 22.84 cents per share as at June 30.
Source: The Business Times

Source: AmFraser