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News Roundup

MF Global Singapore Liquidator is Making Progress on Funds

Bloomberg on Thursday reported that KPMG, the provisional liquidator of MF Global Singapore Pte, has taken control of more than US$180 million (S$235 million) of customer funds and is confident of making “significant progress” in getting the remainder of the total US$309 million maintained in financial institutions in Singapore and overseas, Bob Yap, head of transactions and restructuring at KPMG in Singapore, said in an e-mailed statement.

Keppel Begins Construction of Phase Two of Saigon Centre in Ho Chi Minh City

Keppel Land on Thursday said it has started construction work for phase two of Saigon Centre in Ho Chi Minh City with its joint venture partners, Southern Waterborne and Transportation Corporation (Sowatco) and Saigon Real Estate Corporation (Resco) after a ground-breaking ceremony on November 24.

Designed by internationally renowned architect, NBBJ based in New York, phase two of Saigon Centre, when fully completed in 2015, will stand tall at 45 storeys with seven levels of retail and dining spaces spread across 50,000 square metres; 40,000 sq m of premium Grade A office space and over 200 units of luxury serviced apartments.

Located along Le Loi Boulevard in the heart of Ho Chi Minh City’s CBD, phase one of the Saigon Centre was completed in 1996 and has established itself as the preferred shopping destination and a business address for diplomatic corps, multi-national companies, as well as banking and financial institutions.

Global Logistic to Hire Banks for Bond Sale

Global Logistic Properties hired Citigroup Inc, DBS Group Holdings, JP Morgan Chase & Co and Goldman Sachs Group Inc for a sale of Singapore dollar- denominated perpetual bonds, according to a person familiar with the matter, reported Bloomberg on Friday.
Investor meetings are scheduled to take place in Hong Kong and Singapore this week, said the person, who declined to be named because the details are private.

A perpetual bond has no maturity date or a date so far in the future that the note will pay interest indefinitely. The issuer generally retains the right to call such a bond.

Pacific Andes’ FY2011 Net Profit Down 19.4 Per cent

Pacific Andes Resources Development, the global frozen fish supplier, on Sunday reported that its net profit for the full year ending September 28 (FY2011) decreased by 19.4 per cent to HK$622.8 million (S$104.9 million) from HK$773.1 million due to higher expenses despite higher revenue.

During the year, group revenue rose 30.7 per cent from HK$7.432.3 billion to reach HK$9.715.9 billion in FY2011 while gross profit rose 13.9 per cent from HK$1.83 billion to HK$2.084 billion.

For FY2011, Pacific Andes has recommended a first and final dividend of S$0.0108 per ordinary share which is in line with the group’s practice to distribute one-third of its profit.

CapitaLand May Place S$7-billion China Projects into REIT

CapitaLand Limited may place its S$7-billion projects in China into a real estate investment trust (REIT), according to Reuters on Sunday.

CapitaLand’s Chief Operating Officer Lim Ming Yan said should the group decide to do that, the plan would not happen in the near future because five out of seven of its projects, under its Raffles City brand, in China were still under development, according to the report.