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CapitaLand Acquires Somerset Grand Cairnhill Singapore

CapitaLand Limited Monday announced that it has entered into a conditional agreement with Ascott Residence Trust to acquire Somerset Grand Cairnhill

Singapore located in the heart of Orchard Road for S$359.0 million.

CapitaLand’s wholly-owned  subsidiaries, The Ascott Limited and CapitaLand Residential Singapore Pte Ltd, will jointly redevelop the prime Orchard Road site into CapitaLand’s first integrated development in Singapore that comprises a serviced residence with a hotel licence and a high-end residential development.

Liew Mun Leong, President and CEO of CapitaLand group, said: “The redevelopment of the prime Orchard Road site will give us the opportunity to combine the group’s expertise in serviced residence and residential developments, reflecting our integrated real estate value chain competencies.”

CapitaLand Limited closed Monday at S$2.890


ST Engineering Secures S$370-million Aerospace Deals

Singapore Technologies Engineering Limited Monday announced that its aerospace arm, ST Aerospace, has secured about S$370 million worth of new contracts in the second quarter of 2012.

These contracts for Aircraft Maintenance and Modification, Component Total Support, and Engine Total Support businesses will be carried out at its global maintenance, repair and overhaul network.

Between April and June, ST Aerospace redelivered 157 aircraft for airframe maintenance and modification work. For PTF conversions, it redelivered six converted freighters to various customers.

Besides airframe redeliveries, ST Aerospace serviced 8,136 components and 78 engines for both commercial and military customers.

Elsewhere, ST Aerospace concluded an agreement with Woodward Inc for the maintenance support of Woodward Inc components to aircraft operators of the Bell helicopters worldwide.

In Europe, ST Aerospace Solutions secured a 10-year contract to provide aircraft rotables Maintenance-By-the-Hour support for a fleet of Boeing 757.

Singapore Technologies Engineering Limited closed Monday at S$3.170



Ascott to Acquire Yield-Accretive Properties in Singapore and China

Ascott Residence Trust Limited Monday announced that it has conditional agreements with CapitaLand Limited to acquire the premier Ascott Raffles Place Singapore, Ascott Guangzhou in China and a new serviced residence with a hotel licence, New Cairnhill SR.

The New Cairnhill SR will be built together with high-end residential units for sale by CapitaLand as part of the redevelopment of Somerset Grand Cairnhill Singapore.

The trust said the divestment of Somerset Grand Cairnhill Singapore, and acquisition of Ascott Raffles Place Singapore, Ascott Guangzhou and the New Cairnhill SR are yield-accretive.

The acquisition of Ascott Raffles Place Singapore and Ascott Guangzhou will be fully funded with the proceeds from the sale of Somerset Grand Cairnhill Singapore. The acquisition of the New Cairnhill SR is expected to be funded by a combination of proceeds from the divestment and external financing upon delivery in 2017.

Ascott Residence Trust Limited closed Monday at S$1.150.


AusGroup Outlines Vision for A$1 billion Growth

AusGroup Limited (AGC) Monday announced that it has outlined its vision to expand the company to a A$1.0-billion business based on committed iron ore, coal and LNG projects in Western Australia and Queensland.

The announcement comes on the back of the appointment of CEO, Laurie Barlow as its latest Board Member. The board appointment will see Barlow in a position to strategically steer AusGroup’s footprint to expand in the Australian market with a focus on Western Australia and Queensland projects.

CEO and Managing Director, Laurie Barlow said, “I am honoured to be appointed to the AusGroup board and look forward to working with them in my new capacity to achieve set corporate strategic visions. The company is committed to fostering a strong executive management team that can drive further expansion in Western Australia and the eastern states regions”

AusGroup Limited closed Monday at S$0.345.


Super Group Increases Investment in Vietnam Subsidiary

Super Group Limited Monday announced that its indirect wholly-owned subsidiary, SCML Overseas Pte Ltd, had increased its investment in its wholly-owned subsidiary, Super Coffeemix Vietnam Ltd (SCV) by injecting approximately S$1.01 million.

The additional investment in SCV is intended to fund the ongoing construction of the packaging facility and as working capital.

Super Group Limited closed Monday at S$2.060.


Keppel Acquires Stake in KrisEnergy

Keppel Corporation Limited Monday announced that it has subscribed for new shares in KrisEnergy Ltd for a total consideration of approximately S$146.27 million through a wholly-owned subsidiary.

The consideration amount was injected as new capital into KrisEnergy and Keppel Corporation now holds 20 per cent of KrisEnergy’s enlarged share capital.

Established in 2009, KrisEnergy is an independent upstream oil and gas company with a diverse portfolio in Southeast Asia.

Currently, KrisEnergy operates six out of the 14 licences they hold in Cambodia, Indonesia, Thailand and Vietnam, covering a gross acreage of more than 63,000 square kilometres.

Choo Chiau Beng, CEO of Keppel Corporation said, “As an investor, we believe that

KrisEnergy’s portfolio has long-term growth potential and could offer sustainable returns over the long run.”

Keppel Corporation Limited closed Monday at S$10.720