MARKET UPDATES :
- JLL has launched an Expression of Interest (EOI) exercise for a portfolio of strata-titled shops on behalf of the HiapHoe Group as part of the group’s exercise to divest non-core assets while capitalising on the strong investor demand for retail space and income-generating assets. Hiap Hoe has identified a total of 39 shop units to be divested, the largest of which includes a a single portfolio of 33 strata units located at the basement of Parklane Shopping Mall at Selegie Road.
- SINGAPORE’S mainboard-listed Tiong Seng Holdings has bagged a S$107.7 million job from national water agency PUB for the proposed construction of the second phase of the Stamford diversion canal. Work on the canal which stretches from Grange Road at the Orchard Boulevard junction to River Valley Road will start in November this year with a contract period of 40 months, said the construction group in an announcement to the Singapore Exchange. The proejct is not expected to have a material impact on the group’s net tangible assets and earnings per share for the current year ending December 2014.
- OCBC said it now owns 20 per cent of China’s Bank of Ningbo – up from 15.34 per cent previously – after completing the subscription of 207.55 million new shares in the bank for 1.75 billion yuan (S$362.7 million) on Tuesday. As a result, Bank of Ningbo is now an associated company of OCBC. The placement price of 8.85 yuan per share that was earlier mentioned in January this year was adjusted to 8.45 yuan per share to account for the dividend that was paid during the year. The transaction was funded with the bank’s internal resources and satisfied in cash, said OCBC in an announcement to the Singapore Exchange. Bank of Ningbo is listed on the Shenzhen Stock Exchange with a market capitalisation of some 29.47 billion yuan as at Monday, after finishing the day at 10.22 per share. Its unaudited consolidated book value stood at some 29.22 billion yuan and net tangible asset value at 29.07 billion yuan as at end June 2014.
- NOBLE Group has completed a deal with China’s Cofco Corp to form an agri-business joint venture Noble Agri. A consortium of investors consisting of Hopu Investment, Temasek, IFC and Standard Chartered Private Equity has also joined in as minority co-investors of Noble Agri. “The completion of this transaction marks a significant milestone in the continued development of our bulk commodity business,” said Noble’s chairman Richard Elman in a statement. In April, Noble Group first announced the deal to sell a 51-per-cent stake in Noble Agri to Cofco, China’s largest food processor, manufacturer and trader.
- CITY Developments Limited (CDL), in its first foray into acquiring land for residential use in Japan, has joined hands with a US-based investment firm to buy a prime freehold site in Tokyo for 30.5 billion yen (S$355.5 million) from Seiko Holdings Corporation. The site is in the high-end residential Shirokane area in Tokyo’s Minato ward, where numerous foreign embassies and offices of multi-national corporations are based. A mansion that used to be the former home of Seiko founder Kintaro Hattori now sits on the site.
- THE chief executive of traditional Chinese medicine retailer Eu Yan Sang has come out to say that the recent negative publicity in the US following an apparent case of lead-poisoning from its best-selling product has been unfair to the company. Richard Eu, speaking to reporters on Tuesday, addressed concerns arising from the alert raised by the US Food and Drug Administration (FDA) about a lead poisoning risk from its product called “Bo Ying Compound” following an incident in which an 18-month-old child who, fed the product, was poisoned.
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