Bumitama Agri to Acquire Indonesian Unit
Bumitama Agri Ltd Thursday announced that its subsidiary, PT Bumitama Gunajaya Agro (BGA), together with PT Karya Manunggal Sawitindo (KMS), an associate of the group’s controlling shareholders, Dr Lim Hariyanto Wijaya Sarwono and Mr Lim Gunawan Hariyanto (also a director of the company), on 25 April 2012 entered into a conditional sales and purchase agreement to acquire the entire equity interest in PT Ladang Sawit Mas (LSM).
The acquisition is subject to the parties having received the relevant government approvals in Indonesia.
Upon completion of the acquisition, BGA and KMS will own 95 per cent and 5 per cent of the issued and paid-up share capital in LSM respectively.
Incorporated in Indonesia in 2005, LSM is primarily engaged in the plantation business. It owns 818 hectares of land area in West Kalimantan.
As at 26 April 2012, the authorised capital of LSM is Rp10 billion (about S$1.35 million) and its paid up capital is Rp2.5 billion (about S$338,000). LSM is owned by unrelated third parties.
The total consideration for the acquisition is US$1.0 million (about S$1.25 million), payable in cash on completion of the acquisition.
Bumitama Agri said the acquisition is in line with the group’s expansion plan to increase the hectarage of its land bank.
In addition, LSM’s land is situated near the land bank owned by PT GY Plantation Indonesia (GY). The group said it currently manages and operates the plantations of GY and the close proximity would allow it to achieve operational efficiency through the sharing of resources such as labour and infrastructure.
Bumitama Agri said the acquisition has no material impact on its net tangible assets and earnings per share for the financial year ending 31 December 2012.
Bumitama Agri Ltd closed Thursday at S$0.900.
CDL Hospitality Trusts Gross Revenue Up 19 Per cent in 1Q2012
CDL Hospitality Trusts (CDLHT), a stapled group comprising CDL Hospitality Real Estate Investment Trust (H-REIT), a real estate investment trust, and CDL Hospitality Business Trust, a business trust, Thursday announced gross revenue of S$38.4 million in the first quarter ending 31 March 2012 (1Q2012), up 19 per cent year-on-year.
This was attributed to organic growth across the portfolio and a S$2.7-million revenue boost from Studio M Hotel, which was absent in 1Q2011 as it was only acquired in last year’s second quarter.
In tandem with the higher gross revenue, net property income in 1Q2012 increased 19.6 per cent year-on-year to S$36.0 million. Accordingly, income available for distribution (before deducting income retained for working capital) increased 17.7 per cent, from S$25.3 million in 1Q2011 to S$29.8 million in 1Q2012.
In line with the improved operating results, income available for distribution per Stapled Security (after deducting income retained for working capital) for 1Q2012 was S$0.0278, a 16.8-per cent growth over the S$0.0238 recorded in the corresponding period last year.
Vincent Yeo, CEO of M&C REIT Management Limited, the manager of H-REIT, said: “We are pleased to report a positive set of results for 1Q2012 despite an uncertain global environment. CDLHT’s Singapore hotels registered an improved performance on the back of strong visitor arrival growth and as a result of our asset enhancement initiatives undertaken previously. (Coupled) with the incremental contribution from our latest acquisition, Studio M Hotel, and our Australian hotels, this is a record first quarter, in terms of Income Available for Distribution since the inception of CDLHT.”
“Singapore’s tourism sector has continued on its strong growth trajectory in 2012.
In the first two months of 2012, visitor arrivals in Singapore increased 13.9 per cent year-on-year. With significant Singapore exposure, we are well-poised to benefit from any further increases in accommodation demand that will be created by the new tourist attractions. We are still firmly focused on growth. Our low gearing of 25.6 per cent positions us well to capitalise on opportunities to enhance or expand the portfolio,” he added.
CDL Hospitality Trusts closed Thursday at S$1.855.
Yangzijiang Shipbuilding Posts RMB1-billion Net Profit in 1Q2012
Mainboard-listed Yangzijiang Shipbuilding (Holdings) Limited Thursday announced a 7-per cent year-on-year increase in net profit attributable to equity holders to RMB1.0 billion (about S$197 million) for the three months ending 31 March 2012 (1Q2012).
Group revenue increased 12 per cent in 1Q2012 to RMB3.7 billion as both the
Shipbuilding and Investment segments registered growth in revenues.
Net profit margin decreased slightly from 29.1 per cent in 1Q2011 to 27.6 per cent in
1Q2012. Basic earnings per share increased from RMB0.2489 in 1Q2011 to RMB0.2656 in 1Q2012.
The group successfully delivered 15 vessels in 1Q2012 according to the delivery schedule. It also secured US$206.2 million worth of new orders in 1Q2012 for seven vessels. Hence, as at 31 March 2012, the total orderbook for the group stood at US$4.5 billion comprising 96 vessels.
As at 26 April 2012, the group’s wholly-owned subsidiary, Jiangsu New Yangzi Shipbuilding Co, Ltd, has successfully delivered four 92,500 DWT vessels to the group’s newly set up associate companies. The four vessels were not part of the group’s existing orderbook. Two of the vessels were delivered in 1Q2012 and the remaining two were delivered in April 2012.
Ren Yuanlin, Executive Chairman of Yangzijiang, said: “The shipbuilding industry in general is going through a consolidation phase and in order for us to maintain the group’s competitiveness, our strategy is to scale up in the vessel value chain and build larger and better vessels. We are focusing more on developing new vessel models that meet our clients’ demands and are ‘greener’, more fuel efficient and with a higher loading capacity. In the long run, our aim is to offer a comprehensive range of products that comprise high-end and sophisticated vessels that are as advanced as the ones produced in South Korea and Japan.”
Moving forward, Yangzijiang said it remains confident of its financial performance for the year 2012.
Yangzijiang Shipbuilding (Holdings) Limited closed Thursday at S$1.180.
Starhill Global REIT Reports Quarterly DPU of S$0.0107 in 1Q2012
Starhill Global REIT (SGREIT) Thursday announced 1Q2012 revenue of S$46.0 million, up 0.4 per cent year-on-year.
Net property income was S$37.3 million, representing an increase of 0.8 per cent over 1Q2011.
Income to be distributed to unitholders in 1Q2012 was S$20.8 million, unchanged from that in 1Q2011. Distribution Per Unit (DPU) for the period 1 January 2012 to 31 March 2012 was S$0.0107, same as in 1Q2011, but up 5.9 per cent over 4Q2011 despite the ongoing redevelopment work at Wisma Atria.
On an annualised basis, the latest distribution represents a yield of 6.72 per cent.
SGREIT said unitholders can expect to receive their 1Q2012 DPU on 30 May 2012. The book closure date is on 7 May 2012 at 5 pm.
Tan Sri Dato’ (Dr) Francis Yeoh, Executive Chairman of YTL Starhill Global REIT Management Limited, the manager of SGREIT, said: “We are pleased to report a good set of results for 1Q2012. Healthy consumer confidence and increased tourist arrivals in both Singapore and Malaysia have enabled SGREIT’s assets to achieve high occupancies and improve returns. We will continue to create value with our active management strategies and source for yield accretive acquisitions of prime assets to enhance growth in SGREIT’s core markets.”
Ho Sing, CEO of YTL Starhill Global, said: “Asset redevelopment at Wisma Atria remains on track for completion in 3Q2012. Swatch’s double-storey flagship concept store fronting Orchard Road commenced operations recently with the other tenants such as Tory Burch and Coach opening in the next few months. With the completion of the asset redevelopment at Starhill Gallery, we continue to embark on repositioning the tenant mix of our Malaysian malls that will introduce new brands and exciting concept stores this year. The infrastructure upgrade and improved connectivity surrounding the Bukit Bintang area will further benefit our malls. We have been prudent in our capital management approach with a conservative gearing at 30.4 per cent and no major debt refinancing this year.”
Starhill Global REIT closed Thursday at S$0.645.
China Enersave Changes Name to YHM Group
China Enersave Limited Thursday announced ACRA’s notification that with effect from 26 April 2012, the company shall be known as “YHM Group Limited”.
The company earlier lodged a special resolution approving the proposed change of its name to “YHM Group Limited” with ACRA.
China Enersave Limited closed Thursday at S$0.004.