Towards Financial Freedom
DBS Equity Reserach: Wired Daily, 08 Sep 2014
Straits Trading - To sell Straits Trading Building for $450m
Straits Trading Company has signed an agreement for the sale of the Straits Trading Building to the Sun Venture Group for $450m. The monetisation is in line with the Company's strategy of redeploying its capital from its portfolio of high quality, but low yielding investment properties into potentially higher return real estate opportunities. The redeployment of the proceeds will also strengthen the development of Straits Trading's real estate ecosystem anchored by its 89.5% interest in Straits Real Estate, its 20.1% interest in ARA Asset Management, and its 5.8% aggregate interest in Suntec REIT.
Soilbuild Construction Group has been awarded a S$47.6m contract by Assisi Hospice, to construct 1 block of 6-storey health and medical care building with a basement carpark for the new hospice at Thomson Road. The contract has further diversified the Group's construction project portfolio, which includes industrial buildings and residential developments both in the public and private sector. This construction project is expected to commence in September 2014 and be completed by second quarter of 2016. It also brings the Group's latest order book to S$703.9m.
SMRTannounced a Joint Venture Agreement with London based taxi mobile application developer Hailo Network to form Hailo Singapore. Under the agreement, a taxi booking application will be introduced to passengers and taxi drivers in Singapore. Targeted for launch in Singapore next month, the Hailo taxi booking application offers passengers fuss-free cashless payment. Passengers can register their credit cards with Hailo and receive e-mail receipts at the end of their trips.
Ang Kok Teong (the Offeror) intends to make a mandatory cash offer for all the issued and paid-up shares of China Kunda Technology Holdings at S$0.0729 cash per share. The offer price represents a premium of 65.68% over last traded price. The Offeror is involved in the property industry in Malaysia and has substantial business experience and contacts in the industry.
Ley Choon Group has secured a contract of approximately S$16.8m awarded by PowerGas Limited. The contract is in respect of laying of gas transmission pipelines from Woodlands Avenue 10 to Senoko Road.
TEE International has secured another S$73m worth of new contracts in Singapore, bringing up its total outstanding order book to about S$493m.
The listing status of Hengxin Technologyon the SGX-ST will be converted from a primary listing to a secondary listing effective on 8 September 2014.
Source: DBS
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