Towards Financial Freedom
DBS Equity Research: Wired Daily 9 Dec 2015
Frasers Centrepoint Limited - Expands UK footprint with further acquisition
Frasers Hospitality, the hospitality arm of Frasers Centrepoint Limited, announced the acquisition of a portfolio of four properties in the UK for GBP36.1m (approximately S$76.3m) from Swire Properties Hotels Holdings. The hotels, located in key cities and university towns in the UK will be rebranded to Malmaison and Hotel du Vin properties, bringing the total of boutique hotels under the brands to 33 and the total number of keys to 2,347.
Del Monte Pacificreported today a turnaround in its results for the second quarter ending October 2015. The Group achieved strong sales for 2Q16, up 20% to US$658.3m as its key branded business in the USA and the Philippines under the Del Monte brand, and the rest of Asia under the S&W brand, delivered significantly improved performance. A recurring net profit of US$18.1m was achieved after two years of losses attributed to acquisition and transition related expenses since the Group announced the purchase of Del Monte Foods (DMFI) in October 2013. Net income of US$53.3m, inclusive of a one-time favourable adjustment arising from DMFI's retirement plan amendment that reduced SG&A expenses by US$39.4m.
Sapphire Corporationannounced that its recently acquired Engineering, Procurement and Construction (EPC) business, Ranken Infrastructure, has secured new railway infrastructure contracts in China, worth RMB916m (about S$200m). Ranken, which Sapphire acquired in October 2015, will carry out new projects for urban rail transit metro lines in two cities - Guiyang and Qingdao - and construct a tunnel as part of the 1,814km cross-country Menghua Railway project over the next 2 to 3 years.
mm2 Asia signed a Memorandum of Understanding (MOU) with Hesheng Media, one of the largest integrated media companies in China. The MOU aims to strengthen cooperation between the two companies. Under the MOU, mm2 Asia and Hesheng Media Group will co-produce movies, dramas and reality shows, as well as digital media content for the international market. This MOU records an understanding that Hesheng Media will invest up to US$5m in projects with mm2 Asia providing IPs and production
Roxy-Pacific's overseas expansion is gathering pace with yet another property acquisition in Australia within a short span of time. It has acquired two residential development sites -No 14 Cowper Street and No 8 Elger Street, Glebe, southwest of the Sydney CBD - for a total of A$67.4m (S$68.4m). Just few days earlier, it announced the acquisition of a 14-storey freehold commercial building in Sydney for A$81m. It also purchased land in Sydney in November.
Source: DBS
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