CapitaMall Trust Announces DPU of 2.06 S-cents
CapitaMall Trust Limited Friday announced a distribution per unit (DPU) of 2.06 S-cents for the financial quarter ended 30 June 2012 (2Q 2012). Based on CCT’s closing price of S$1.335 per unit on 19 July 2012, its distribution yield is 6.0 per cent which is 4.6 per cent higher than the Singapore 10-year government bond yield.
For the six months ended 30 June, gross revenue was S$183 million and income available for distribution increased to S$112 million.
The group credited the higher turnover to revenue contribution by Twenty Anson, higher revenue from Raffles City and HSBC Building and higher yield protection income for One George Street. The increase was mitigated by lower revenue mainly from Six Battery Road and the development at CapitaGreen.
“We have completed the rent review of the master lease of the hotels & convention centre space at Raffles City Singapore with RC Hotels Pte Ltd and will continue to benefit from this prime asset’s substantial positive contribution. About 70 per cent of the gross revenue from this lease is contributed by a fixed rent and service charge with annual escalation thereby enhancing the cash flow stability,” said Lynette Leong, Chief Executive Officer of the Manager.
CCT’s weighted average lease term to expiry for its top 10 tenants is increased to 17.9 years as at end-June 2012, compared to 4.2 years as at end-March 2012.
Year-to-date, income from the hotels & convention centre contributed 16 per cent of CCT’s total gross rental income.
Raffles City Singapore remains the largest asset in CCT’s portfolio, contributing 35 per cent of CCT’s total gross rental income.
CapitaMall Trust Limited closed Friday at S$1.930
AusGroup Wins A$48-million Contract
AusGroup Limited Friday announced that its subsidiary, AGC Industries Pty Ltd (AGC), has formalised a contract with BHP Billiton Iron Ore for the Jimblebar Project, valued at AU$48 million (S$62.7 million) for structural, mechanical and piping works for the inflow circuit of the plant.
The Jimblebar Site is an iron ore mine located in the Pilbara region of Western Australia, 39 kilometres east of Newman.
Laurie Barlow, CEO of AusGroup Ltd said, “This contract will further strengthen the ongoing successful relationship. We continue to demonstrate our ability to safely deliver on construction projects drawing on our expertise and experience in the market with services from structural, mechanical, and piping installation to fabrication, scaffolding, insulation and painting.”
AusGroup Limited closed Friday at S$0.350
AsiaMedic Enters MOU to Explore JV in Myanmar
AsiaMedic Limited Friday announced that it has entered into a Memorandum Of Understanding (MOU) with Myanmar’s Ni Ni Diagnostics And Healthcare to explore the possible establishment of a joint venture in Myanmar.
Under the non-binding MOU, AsiaMedic and Ni Ni Group will assess the feasibility of setting up and operating an advanced imaging centre within Ni Ni Group’s current premises in Ahlone Township, Yangon.
Should a formal joint venture agreement materialises, the parties will leverage on their respective healthcare expertise to enhance and expand the scope of Ni Ni Group’s existing medical imaging services.
“This MOU marks the first step in the Group’s expansion plans in Myanmar and we are pleased that Ni Ni Group is aligned with and supportive of our plans. Ni Ni Group has established a good reputation in Yangon for delivering accurate diagnostic readings for its patients, having attained a ‘Reference Laboratory’ status amongst the doctor community,” said Dr Wong Weng Hong, CEO of AsiaMedic.
“Going forward, given the many benefits and synergies that we can achieve with Ni Ni Group, we hope to explore other areas of cooperation with them as well.”
AsiaMedic Limited closed Friday at S$0.086
Jaya Holdings to Produce IHC Merwede’s Offshore Vessel
Jaya Holdings Limited Friday announced that its wholly-owned subsidiary, Jaya Shipbuilding and Engineering Pte Ltd, has signed an agreement with IHC Merwede Asia Pacific which enables IHC’s high specification offshore vessels to be produced by Jaya at its yards in Singapore and Batam, Indonesia.
As part of the wide-ranging agreement, IHC Merwede will also provide design and engineering support services to Jaya.
“This tie up with IHC Merwede represents a major step forward for Jaya Shipbuilding and Engineering. IHC brings a world class track record of maritime engineering and technological innovation to this agreement and they are widely recognised as an industry leader in many areas of the maritime and offshore sectors. We look forward to working with IHC and believe it will be a productive relationship for both parties,” said Venkatraman Sheshashayee, CEO and Executive Director of Jaya Holdings.
Jaya Holdings Limited closed Friday at S$0.570
Fortune REIT’s 2Q2012 DPU Up 32.45 Per cent
Fortune Real Estate Investment Trust Friday reported a 32.45-per cent gain in distribution per unit (DPU) for the fiscal second quarter ended June 30, 2012.
DPU rose to 8.04 HK-cents from 6.07-HK cents a year ago, on higher revenue and net property income.
The group declared an interim distribution of 15.82 HK cents per unit. A year ago, the REIT paid out 12.80 HK-cents per unit.
Turnover for the rose 22.8 per cent year-on-year to HK$225.67 million while net property income rose 24.2 per cent year-on-year to HK$196.8 million.
Fortune REIT’s exceptional financial performance was attributable to the strong rental reversions across its enlarged portfolio, the additional income generated by the two new properties acquired in February 2012 as well as remarkable returns from the completed asset enhancement initiatives (AEIs).
The company plans to continue to implement effective leasing and tenant repositioning strategies, as well as to execute a number of AEIs to drive revenue growth for Fortune REIT’s retail properties.
Fortune REIT Limited closed Friday at HK$4.98
China Animal Says Delisting Talks in ‘Advanced Stage’
China Animal Healthcare Limited announced Friday that the arranging of third-party financing for the possible delisting of its shares from the Singapore Exchange mainboard is now at an “advanced stage”.
The China-based maker of drugs for animals announced earlier on May 22 that it would – if the delisting goes through – offer to pay 30 S-cents per share to investors, after which their shares will be cancelled.
It had said it intends to maintain its primary listing in Hong Kong, and that the possible delisting “is not a privatisation exercise and will not result in any right of compulsory acquisition or squeeze-out of any minority shareholders”.
Shareholders who do not accept the exit offer would have their shares transferred to Hong Kong.
China Animal Healthcare Limited closed Friday at S$0.275