Sanli seeks to raise $9.7m through IPO
(From far left) Sanli chief executive Sim Hock Heng, and executive directors Lee Tien Chiat, Pek Kian Boon and Kew Boon Kee. Sanli derives 99 per cent of its revenue from PUB, but plans to use the IPO proceeds to vie for bigger contracts, among other
(From far left) Sanli chief executive Sim Hock Heng, and executive directors Lee Tien Chiat, Pek Kian Boon and Kew Boon Kee. Sanli derives 99 per cent of its revenue from PUB, but plans to use the IPO proceeds to vie for bigger contracts, among other things. PHOTO: SANLI
PUBLISHEDMAY 31, 2017, 5:00 AM SGT
Sanli Environmental, an engineering firm in the water and waste management sector, is seeking to raise $9.7 million in net proceeds through an initial public offering (IPO) on the Catalist board.
Sanli is offering 52 million new shares at 22.5 cents apiece, comprising 49.5 million placement shares and a public tranche of 2.5 million. The public offer opened yesterday and will close on Tuesday next week.
At 22.5 cents a share, and with a post-IPO share capital of 268.7 million, Sanli will have a $60.4 million market value upon listing.
Trading is expected to commence on Thursday next week.
Sanli chief executive Sim Hock Heng founded the company in 2006 with his colleagues from Dayen Environmental, a Singapore-listed water and waste treatment company now known as Moya Holdings Asia.
Mr Sim and Sanli's three other executive directors are all engineers with industry experience ranging from 15 years to 20 years.
In the nine months ended Dec 31 last year, net profit was $4.7 million, on revenue of $42.6 million.
Sanli's order book stood at $105.8 million as at May 1, and more than 50 per cent of that is expected to be fulfilled in 2018.
The company derives 99 per cent of its revenue from national water agency PUB, but plans to use the IPO proceeds to vie for bigger contracts, buy another factory, and take up projects for other companies and townships in the region.
Sanli's biggest contract, so far, is worth $114.8 million - a process upgrading project at PUB's Choa Chu Kang Waterworks - which it is jointly undertaking with another company. Sanli's portion of the project is worth about $50 million.
Mr Sim said: "At the moment, we are very comfortable with contract values between $10 million and $20 million.
"But we can see the infrastructure that the Government has planned, from deep tunnel sewerage systems to incineration plants. These contract figures are in the billions, and stretch all the way to 2025. In a nutshell, we believe water is one good industry."
Post-IPO, 74.28 per cent of the company will be controlled by Sanli's executive directors. Temasek Holdings unit Heliconia Capital, which extended Sanli a $2 million convertible loan in February, will hold a 5.36 per cent stake.
SAC Capital is the sponsor, underwriter and placement agent.
- wong chee tat :)
Showing posts with label ipo. Show all posts
Showing posts with label ipo. Show all posts
Wednesday, June 7, 2017
Tuesday, July 5, 2016
Symantec swoops on Blue Coat in $4.65bn deal
Symantec swoops on Blue Coat in $4.65bn deal
Target abandons IPO
13 Jun 2016 at 08:00, Drew Cullen
Blue Coat has scrapped its IPO plans in favour of a $4.65bn takeover by IT security rival Symantec.
Greg Clark, Blue Coat CEO, will take the helm at Symantec, so resolving the question of succession of Mike Brown, who announced his resignation as CEO in April.
On a pro-forma basis, the combined company would have $4.4bn in revenues in FY 2016 and with Blue Coat under its wing, Symantec’s enterprise security business will increase to 62 per cent of group turnover. But $4.65bn is a helluva price to pay.
Symantec is taking on $2.8bn of new debt and using cash on the balance sheet to fund the acquisition. The company aims to pay down a “significant portion of this debt within the next several years” through cash reserves and also through cash generation. It also thinks it can squeeze an additional $150m from Blue Coat in annual cost savings, on top of $400m planned cost cuts, announced in February 2016.
The deal is part-funded by Bain Capital, Blue Coat’s owner, which bought the company for $2.4bn just a year ago. It is buying $750m in unsecured notes in Symantec at a conversion price of $20.41 per share. This is a premium of about 18 per cent on Symantec’s closing price on Friday.
Silver Lake is doubling its investment into Symantec into $1bn, by pumping in another $500m in the form of 2 per cent convertible notes, due in 2021. The private equity firm bought $500m of notes in February 2016, at a conversion price of $21 a share. ®
- wong chee tat :)
Target abandons IPO
13 Jun 2016 at 08:00, Drew Cullen
Blue Coat has scrapped its IPO plans in favour of a $4.65bn takeover by IT security rival Symantec.
Greg Clark, Blue Coat CEO, will take the helm at Symantec, so resolving the question of succession of Mike Brown, who announced his resignation as CEO in April.
On a pro-forma basis, the combined company would have $4.4bn in revenues in FY 2016 and with Blue Coat under its wing, Symantec’s enterprise security business will increase to 62 per cent of group turnover. But $4.65bn is a helluva price to pay.
Symantec is taking on $2.8bn of new debt and using cash on the balance sheet to fund the acquisition. The company aims to pay down a “significant portion of this debt within the next several years” through cash reserves and also through cash generation. It also thinks it can squeeze an additional $150m from Blue Coat in annual cost savings, on top of $400m planned cost cuts, announced in February 2016.
The deal is part-funded by Bain Capital, Blue Coat’s owner, which bought the company for $2.4bn just a year ago. It is buying $750m in unsecured notes in Symantec at a conversion price of $20.41 per share. This is a premium of about 18 per cent on Symantec’s closing price on Friday.
Silver Lake is doubling its investment into Symantec into $1bn, by pumping in another $500m in the form of 2 per cent convertible notes, due in 2021. The private equity firm bought $500m of notes in February 2016, at a conversion price of $21 a share. ®
- wong chee tat :)
Friday, June 10, 2016
Frasers Logistics prices Singapore IPO at top end of range, to raise S$903m
Frasers Logistics prices Singapore IPO at top end of range, to raise S$903m
It is the second mainboard IPO on the Singapore Exchange this year, and the biggest in about three years.
By Nicole Tan
Posted 10 Jun 2016 21:40
SINGAPORE: Frasers Logistics and Industrial Trust is set to raise about S$903 million ($666 million) after pricing its Singapore initial public offering at the top of its indicative range in the country's biggest new listing in three years.
The real estate investment trust (REIT) said in a filing on Friday (Jun 10) that it is selling 521.7 million units - priced at 89 cents apiece - to institutions and retail investors.
It will also be the largest initial pure-play Australian logistics and industrial REIT to be listed on the Singapore Exchange (SGX).
All 51 properties under Frasers Logistics and Industrial Trust are located in Australia and are valued at almost S$1.6 billion. Going forward, the REIT manager said it is looking to expand beyond its initial Australian focus.
Said Mr Robert Wallace, CEO of Frasers Logistics & Industrial Asset Management: “There is visible growth available to the portfolio not just from the development platform but also from another nine assets that are being held on balance sheet at this point of time of Frasers Property Australia.
“Certainly in the longer-term future, given the strength of the sponsor, being Fraser Centrepoint Limited, there will be opportunities elsewhere potentially around Asia. The sponsor has a very good presence in Singapore, but I can see opportunities potentially being in markets such as Thailand, Malaysia and Vietnam."
The REIT is projecting a distribution yield per unit of 6.83 per cent for 2016 and 7.3 per cent for 2017.
Mr Liu Jinshu, director of research at NRA Capital, noted: "Industrial REITs on average generally yield between 6.4 per cent and up to 8 per cent. So in terms of yield, I think it's priced fairly reasonably. If you look at weighted average lease to expiry, it's about seven years. Seven years is quite decent. So to some extent, I think the REIT can sustain its dividend yield at the current offer price."
It is the second mainboard IPO on the SGX this year. Despite recent market volatility, observers said they expect to see retail investor interest, amid the search for yield. However, they also cautioned retail investors of potential currency risks.
Mr David Kuo, CEO of The Motley Fool Singapore, commented: "It's being sold at a price to book of about 1. So therefore you'd say everything there, all the metrics actually look quite good. In the case of Frasers Logistics, what you actually have with that is a little bit of currency risk as well.
“So people need to bear that in mind. Because what would happen if the Australian dollar were to fall against the Singapore dollar? How would that affect the returns you're going to get from your investment? So people have to balance a number of things."
The REIT is expected to have a market capitalisation of S$1.27 billion at listing.
- CNA/ms
- wong chee tat :)
It is the second mainboard IPO on the Singapore Exchange this year, and the biggest in about three years.
By Nicole Tan
Posted 10 Jun 2016 21:40
SINGAPORE: Frasers Logistics and Industrial Trust is set to raise about S$903 million ($666 million) after pricing its Singapore initial public offering at the top of its indicative range in the country's biggest new listing in three years.
The real estate investment trust (REIT) said in a filing on Friday (Jun 10) that it is selling 521.7 million units - priced at 89 cents apiece - to institutions and retail investors.
It will also be the largest initial pure-play Australian logistics and industrial REIT to be listed on the Singapore Exchange (SGX).
All 51 properties under Frasers Logistics and Industrial Trust are located in Australia and are valued at almost S$1.6 billion. Going forward, the REIT manager said it is looking to expand beyond its initial Australian focus.
Said Mr Robert Wallace, CEO of Frasers Logistics & Industrial Asset Management: “There is visible growth available to the portfolio not just from the development platform but also from another nine assets that are being held on balance sheet at this point of time of Frasers Property Australia.
“Certainly in the longer-term future, given the strength of the sponsor, being Fraser Centrepoint Limited, there will be opportunities elsewhere potentially around Asia. The sponsor has a very good presence in Singapore, but I can see opportunities potentially being in markets such as Thailand, Malaysia and Vietnam."
The REIT is projecting a distribution yield per unit of 6.83 per cent for 2016 and 7.3 per cent for 2017.
Mr Liu Jinshu, director of research at NRA Capital, noted: "Industrial REITs on average generally yield between 6.4 per cent and up to 8 per cent. So in terms of yield, I think it's priced fairly reasonably. If you look at weighted average lease to expiry, it's about seven years. Seven years is quite decent. So to some extent, I think the REIT can sustain its dividend yield at the current offer price."
It is the second mainboard IPO on the SGX this year. Despite recent market volatility, observers said they expect to see retail investor interest, amid the search for yield. However, they also cautioned retail investors of potential currency risks.
Mr David Kuo, CEO of The Motley Fool Singapore, commented: "It's being sold at a price to book of about 1. So therefore you'd say everything there, all the metrics actually look quite good. In the case of Frasers Logistics, what you actually have with that is a little bit of currency risk as well.
“So people need to bear that in mind. Because what would happen if the Australian dollar were to fall against the Singapore dollar? How would that affect the returns you're going to get from your investment? So people have to balance a number of things."
The REIT is expected to have a market capitalisation of S$1.27 billion at listing.
- CNA/ms
- wong chee tat :)
Tuesday, December 29, 2015
Singapore IPO market languishes as Hong Kong surges
Singapore IPO market languishes as Hong Kong surges
TODAY reports: As the Singapore Exchange languishes with only one IPO listed on the mainboard this year, Hong Kong has been on a tear as it reclaims its position as the world’s top IPO market.
By Angela Teng, TODAY
Posted 29 Dec 2015 09:06
SINGAPORE: The number of initial public offerings (IPO) on the Singapore Exchange (SGX) plunged 57 per cent this year from last year, with analysts attributing the lacklustre performance to a weak market outlook and competition from a much stronger Hong Kong.
Only 13 IPOs were listed on the SGX this year — just one on the mainboard and the other 12 on Catalist, raising a total of about S$630 million. This compared to the 30 IPOs last year, of which 12 were on the mainboard and 18 on the junior board, raising about S$3.5 billion altogether.
BHG Retail Real Estate Investment Trust (REIT) raised S$394.2 million when it listed on the mainboard this month, making it the biggest IPO in Singapore for the year. The units closed unchanged at S$0.80 on its debut day after the underwriter emerged to support the market. At the close on Monday (Dec 28), BHG Retail REIT units remained at S$0.80. Most of the Catalist-listed IPOs, which had offer prices ranging from S$0.20 to S$0.46, gave investors little cheer this year.
Mr Ernest Lim, a remisier at CIMB Securities, said: “Performance of the new listings had more than half registering negative returns, with five of them registering almost 40 per cent drops since their debut. While two of them registered flat returns and two of them, namely Jumbo and Singapore O&G, soared 48 per cent and 198 per cent, respectively … the overall performance is not exactly fantastic.”
“Most clients traded less this year as they are cautious on the overall market environment, slowing China economy, weak Singapore economy and generally lacklustre corporate results,” he added.
As the SGX languishes, Hong Kong has been on a tear as it reclaims its position as the world’s top IPO market. In the first 11 months of the year, 71 companies listed in the city, raising a total of US$31.2 billion (S$43.9 billion), accounting for almost 16 per cent market share of IPO funds worldwide, the South China Morning Post reported.
IG market strategist Bernard Aw said: “Firstly, the red-hot Hong Kong IPO market may have drawn companies away from listing in Singapore … Hong Kong benefited from its proximity to mainland China, compared to Singapore. We can see this advantage quite clearly from the growing number of mainland firms listing in Hong Kong.”
“Secondly, the higher financial bar for a mainboard listing in Singapore (minimum market value of S$150 million or pre-tax profit of at least S$30 million) may have continued to disqualify medium-sized companies, which earned about S$20 million.”
The poor IPO market came amid a turbulent year for the SGX. In June, the bourse had to pony up an estimated S$20 million to address gaps in its service recovery capabilities after it was reprimanded by the Monetary Authority of Singapore over two trading outages last year, one of which brought trading to a halt for hours and hurt Singapore’s reputation as a financial centre.
In July, veteran banker Loh Boon Chye took over from Mr Magnus Bocker as chief executive to spearhead a revival in the fortunes of SGX. In September, local shares plunged in line with other Asian markets following a slew of weak Chinese economic data, with the Straits Times Index falling past the key 2,800 mark. On Monday, the benchmark ended at 2,875.32 in thin year-end trade.
The SGX toughened up its rules on corporate governance in October and this month launched a listing compliance bulletin as part of moves to increase transparency on disciplinary actions.
“At the moment, the initiatives are not directly geared towards attracting new public listings. The new changes at SGX are certainly welcoming, and should provide a fresh start for Singapore’s stock market, but it remains to be seen how they can attract more IPOs,” said Mr Aw.
Read the original TODAY report here.
-TODAY/ek
-wong chee tat :)
TODAY reports: As the Singapore Exchange languishes with only one IPO listed on the mainboard this year, Hong Kong has been on a tear as it reclaims its position as the world’s top IPO market.
By Angela Teng, TODAY
Posted 29 Dec 2015 09:06
SINGAPORE: The number of initial public offerings (IPO) on the Singapore Exchange (SGX) plunged 57 per cent this year from last year, with analysts attributing the lacklustre performance to a weak market outlook and competition from a much stronger Hong Kong.
Only 13 IPOs were listed on the SGX this year — just one on the mainboard and the other 12 on Catalist, raising a total of about S$630 million. This compared to the 30 IPOs last year, of which 12 were on the mainboard and 18 on the junior board, raising about S$3.5 billion altogether.
BHG Retail Real Estate Investment Trust (REIT) raised S$394.2 million when it listed on the mainboard this month, making it the biggest IPO in Singapore for the year. The units closed unchanged at S$0.80 on its debut day after the underwriter emerged to support the market. At the close on Monday (Dec 28), BHG Retail REIT units remained at S$0.80. Most of the Catalist-listed IPOs, which had offer prices ranging from S$0.20 to S$0.46, gave investors little cheer this year.
Mr Ernest Lim, a remisier at CIMB Securities, said: “Performance of the new listings had more than half registering negative returns, with five of them registering almost 40 per cent drops since their debut. While two of them registered flat returns and two of them, namely Jumbo and Singapore O&G, soared 48 per cent and 198 per cent, respectively … the overall performance is not exactly fantastic.”
“Most clients traded less this year as they are cautious on the overall market environment, slowing China economy, weak Singapore economy and generally lacklustre corporate results,” he added.
As the SGX languishes, Hong Kong has been on a tear as it reclaims its position as the world’s top IPO market. In the first 11 months of the year, 71 companies listed in the city, raising a total of US$31.2 billion (S$43.9 billion), accounting for almost 16 per cent market share of IPO funds worldwide, the South China Morning Post reported.
IG market strategist Bernard Aw said: “Firstly, the red-hot Hong Kong IPO market may have drawn companies away from listing in Singapore … Hong Kong benefited from its proximity to mainland China, compared to Singapore. We can see this advantage quite clearly from the growing number of mainland firms listing in Hong Kong.”
“Secondly, the higher financial bar for a mainboard listing in Singapore (minimum market value of S$150 million or pre-tax profit of at least S$30 million) may have continued to disqualify medium-sized companies, which earned about S$20 million.”
The poor IPO market came amid a turbulent year for the SGX. In June, the bourse had to pony up an estimated S$20 million to address gaps in its service recovery capabilities after it was reprimanded by the Monetary Authority of Singapore over two trading outages last year, one of which brought trading to a halt for hours and hurt Singapore’s reputation as a financial centre.
In July, veteran banker Loh Boon Chye took over from Mr Magnus Bocker as chief executive to spearhead a revival in the fortunes of SGX. In September, local shares plunged in line with other Asian markets following a slew of weak Chinese economic data, with the Straits Times Index falling past the key 2,800 mark. On Monday, the benchmark ended at 2,875.32 in thin year-end trade.
The SGX toughened up its rules on corporate governance in October and this month launched a listing compliance bulletin as part of moves to increase transparency on disciplinary actions.
“At the moment, the initiatives are not directly geared towards attracting new public listings. The new changes at SGX are certainly welcoming, and should provide a fresh start for Singapore’s stock market, but it remains to be seen how they can attract more IPOs,” said Mr Aw.
Read the original TODAY report here.
-TODAY/ek
-wong chee tat :)
Tuesday, December 8, 2015
BHG RETAIL REIT
BHG (Beijing Hualian Group 北京华联集团 ) ipo-ed and listed in SGX yesterday. Not vested. :(
- wong chee tat :)
- wong chee tat :)
Tuesday, November 10, 2015
CROESUS RETAIL TRUST
CROESUS RETAIL TRUST - RIGHTS - EX Date: 02 Oct 2015 - RECORD Date: 06 Oct 2015 - OFFER OF 22 FOR 100 @ SGD 0.61
- wong chee tat :)
- wong chee tat :)
Thursday, October 29, 2015
Seafood restaurant owner Jumbo Group launches IPO
Seafood restaurant owner Jumbo Group launches IPO
To raise about S$22 million, Jumbo Group is offering a total of 88.23 million shares at 25 cents each.
POSTED: 28 Oct 2015 21:45 UPDATED: 28 Oct 2015 23:20
VIDEOSPHOTOS
SINGAPORE: Jumbo Group, which runs a chain of seafood restaurants, has launched its initial public offering (IPO) to raise about S$22 million through a listing on the Catalist board. It is offering a total of 88.23 million shares at 25 cents each for the IPO.
About two million shares will be made available to the public while the remainder will be offered on a placement basis.
In a statement on Wednesday (Oct 28), Jumbo said investment firm Orchid 1 Investments and Osim International CEO Ron Sim have separately subscribed a total of 72.1 million shares as cornerstone investors. Orchid 1 Investments is a company managed and controlled by Temasek Holdings subsidiary Heliconia Capital Management Pte Ltd.
Based on the IPO price, Jumbo will have a market capitalisation of approximately S$160.3 million.
Jumbo has a total of 14 F&B outlets in Singapore and two outlets in China under five restaurant brands which include Jumbo Seafood and JPOT.
Going forward, the company said it plans to launch at least four more outlets in Singapore and China over the next two years. Jumbo also plans to refurbish and renovate its existing outlets to enhance its customers’ dining experiences.
The IPO closes on Nov 5 and Jumbo shares are expected to start trading on a “ready” basis on Nov 9.
- CNA/xk
- wong chee tat :)
To raise about S$22 million, Jumbo Group is offering a total of 88.23 million shares at 25 cents each.
POSTED: 28 Oct 2015 21:45 UPDATED: 28 Oct 2015 23:20
VIDEOSPHOTOS
SINGAPORE: Jumbo Group, which runs a chain of seafood restaurants, has launched its initial public offering (IPO) to raise about S$22 million through a listing on the Catalist board. It is offering a total of 88.23 million shares at 25 cents each for the IPO.
About two million shares will be made available to the public while the remainder will be offered on a placement basis.
In a statement on Wednesday (Oct 28), Jumbo said investment firm Orchid 1 Investments and Osim International CEO Ron Sim have separately subscribed a total of 72.1 million shares as cornerstone investors. Orchid 1 Investments is a company managed and controlled by Temasek Holdings subsidiary Heliconia Capital Management Pte Ltd.
Based on the IPO price, Jumbo will have a market capitalisation of approximately S$160.3 million.
Jumbo has a total of 14 F&B outlets in Singapore and two outlets in China under five restaurant brands which include Jumbo Seafood and JPOT.
Going forward, the company said it plans to launch at least four more outlets in Singapore and China over the next two years. Jumbo also plans to refurbish and renovate its existing outlets to enhance its customers’ dining experiences.
The IPO closes on Nov 5 and Jumbo shares are expected to start trading on a “ready” basis on Nov 9.
- CNA/xk
- wong chee tat :)
Wednesday, November 5, 2014
Keppel T&T confirms plans for data centre REIT
Keppel T&T confirms plans for data centre REIT
This follows earlier reports that Keppel T&T is set to start pre-marketing for the IPO next week for a REIT of its data centres. The REIT is estimated at between US$200 million and US$400 million.
SINGAPORE: Keppel Telecommunications & Transportation (Keppel T&T) has confirmed that it is planning an initial public offering and that efforts to list a data centre real estate investment trust on the mainboard of the SGX are currently ongoing.
The statement came in a stock exchange filing on Thursday evening (Oct 30). It follows earlier reports that Keppel T&T is set to start pre-marketing for the IPO next week for a REIT of its data centres. The REIT is estimated at between US$200 million and US$400 million (between S$255 million and S$511 million).
In its statement on Thursday, Keppel T&T said that it has submitted applications for the IPO to the SGX and the Monetary Authority of Singapore. However, it also added that the details of the terms of the IPO are still being finalised and that the proposed listing will be subject to, among other things, market conditions and relevant regulatory approvals being obtained.
A successful listing will make this the first data centre trust in Asia.
- CNA/ac
- wong chee tat :)
This follows earlier reports that Keppel T&T is set to start pre-marketing for the IPO next week for a REIT of its data centres. The REIT is estimated at between US$200 million and US$400 million.
SINGAPORE: Keppel Telecommunications & Transportation (Keppel T&T) has confirmed that it is planning an initial public offering and that efforts to list a data centre real estate investment trust on the mainboard of the SGX are currently ongoing.
The statement came in a stock exchange filing on Thursday evening (Oct 30). It follows earlier reports that Keppel T&T is set to start pre-marketing for the IPO next week for a REIT of its data centres. The REIT is estimated at between US$200 million and US$400 million (between S$255 million and S$511 million).
In its statement on Thursday, Keppel T&T said that it has submitted applications for the IPO to the SGX and the Monetary Authority of Singapore. However, it also added that the details of the terms of the IPO are still being finalised and that the proposed listing will be subject to, among other things, market conditions and relevant regulatory approvals being obtained.
A successful listing will make this the first data centre trust in Asia.
- CNA/ac
- wong chee tat :)
Tuesday, July 29, 2014
Samudra Energy looks to raise up to $276 mln in Singapore IPO
Samudra Energy looks to raise up to $276 mln in Singapore IPO
WRITTEN BY REUTERS
FRIDAY, 25 JULY 2014 10:20
Samudra Energy, which owns gas and oil interests in Indonesia, is seeking to raise $248 million to $276.3 million in an initial public offering in Singapore, according to a term sheet seen by Reuters.
The deal is a sign of some revival in Singapore’s IPO market, which in January-June saw the slowest start to a year in terms of amounts raised since the first half of 2012.
On Thursday, Accordia Golf Trust, backed by golf courses in Japan, said it would raise about $612 million in a stock market listing in Singapore after pricing the sale at $0.97 a unit, the lower end of an earlier indicative price range.
Samudra is selling about 131 million shares, excluding the greenshoe option, at an indicative price range of $1.89 to $2.11 a share, the term sheet said.
Samudra Energy is part of private equity firm Northstar Group, which focuses on Indonesia and Southeast Asia.
Caprice Capital International, Guoline Capital, Funds managed by OCP Asia (Hong Kong) Limited and Sky Trinity Investments have agreed to buy 30% of the total IPO offering as cornerstone investors, the sheet said.
The company filed a prospectus on Thursday night, which did not provide pricing details.
Credit Suisse and Nomura 9716.T are the joint global co-ordinators and bookrunners with CIMB.
- wong chee tat :)
WRITTEN BY REUTERS
FRIDAY, 25 JULY 2014 10:20
Samudra Energy, which owns gas and oil interests in Indonesia, is seeking to raise $248 million to $276.3 million in an initial public offering in Singapore, according to a term sheet seen by Reuters.
The deal is a sign of some revival in Singapore’s IPO market, which in January-June saw the slowest start to a year in terms of amounts raised since the first half of 2012.
On Thursday, Accordia Golf Trust, backed by golf courses in Japan, said it would raise about $612 million in a stock market listing in Singapore after pricing the sale at $0.97 a unit, the lower end of an earlier indicative price range.
Samudra is selling about 131 million shares, excluding the greenshoe option, at an indicative price range of $1.89 to $2.11 a share, the term sheet said.
Samudra Energy is part of private equity firm Northstar Group, which focuses on Indonesia and Southeast Asia.
Caprice Capital International, Guoline Capital, Funds managed by OCP Asia (Hong Kong) Limited and Sky Trinity Investments have agreed to buy 30% of the total IPO offering as cornerstone investors, the sheet said.
The company filed a prospectus on Thursday night, which did not provide pricing details.
Credit Suisse and Nomura 9716.T are the joint global co-ordinators and bookrunners with CIMB.
- wong chee tat :)
Tuesday, July 8, 2014
What Investors Need to Know About Frasers Hospitality Trust’s Initial Public Offering
What Investors Need to Know About Frasers Hospitality Trust’s Initial Public Offering
By Sudhan P - June 24, 2014
Frasers Hospitality Trust (FHT) is slated to be the newest kid on the block in the neighbourhood of real estate investment trusts and business trusts. This comes barely seven months after FHT’s sponsor Frasers Centrepoint (SGX: TQ5) went public.
Real estate developer Frasers Centrepoint was spun-off from the conglomerate Fraser and Neave(SGX: F99).
Once FHT goes public on 14 July 2014, it will be the first global hotel and serviced residence stapled trust listed in Singapore’s share market.
The initial portfolio of FHT will comprise of 12 properties – six hotels and six serviced residences – that come from TCC Group and Frasers Centrepoint.
The hotels are InterContinental Singapore, Novotel Rockford Darling Harbour, Park International London, Best Western Cromwell London, ANA Crowne Plaza Kobe, and Westin Kuala Lumpur. These hotels are from the TCC Group, which happen to be one of Frasers Centrepoint’s major shareholders.
Meanwhile, the six serviced residences are Fraser Suites Singapore, Fraser Suites Sydney, Fraser Place Canary Wharf, Fraser Suites Queens Gate, Fraser Suites Glasgow, and Fraser Suites Edinburgh. These properties come from Frasers Centrepoint.
Based on the above, FHT’s portfolio will boast a total of 1,928 hotel rooms and 842 serviced residence units. The properties, which serve the mid-scale to luxury market segments, are located in Australia, the United Kingdom, Japan, Malaysia and Singapore.
According to a draft prospectus filed with the Monetary Authority of Singapore, FHT will sell 182.1 million stapled securities at S$0.88 apiece. Each stapled security consists of a unit of Frasers Hospitality Real Estate Investment Trust and a unit of Frasers Hospitality Business Trust.
There are a number of FHT’s potential-properties that are under master leases. In the case of a loss of any master lessees, Frasers Hospitality Business Trust will, as a last resort, step in as the master lessee or tenant.
The total number of outstanding stapled securities immediately after the completion of the initial public offering (IPO) will be 1.19 billion, which include offerings to the vendor of Fraser Suites Singapore, vendors of the hotels that are part of the portfolio, and cornerstone investors such as DBS Group Holdings (SGX: D05) and Fortress Capital Asset Management. This translates to a market capitalisation of S$1.04 billion for FHT based on its IPO price.
Frasers Centrepoint and TCC Group will hold 65% of FHT immediately following the IPO, assuming that the over-allotment option is not exercised. This helps align the interests of the parties behind the IPO and the new stapled security holders that buy-in during the offering.
The distribution yield for FHT is projected to be 7%. The net asset value per stapled security will be S$0.83, translating to a price-to-book (PB) ratio of 1.06.
Risks
There are a number of risks that potential investors have to take note of. The first has to do with the gearing ratio and the other has to do with financial engineering.
The gearing ratio of FHT will be 41.7% according to its prospectus. According to an analyst report by Maybank-Kim Eng dated 23 June 2014, the average gearing ratio of all the hospitality trusts listed here is at 32.8%. A trust with a gearing ratio that’s too high will be more vulnerable to downturns in the property cycle as it still has to continue to service its borrowings despite the downturn.
Moving on to the financial engineering-related risks, there is a provision for a payment top-up where the vendor of InterContinental Singapore and one of the vendors of Fraser Suites Singapore will deposit a total of S$9.7 million in escrow. When the gross operating profit of the relevant property falls below certain thresholds, the REIT Trustee will be able to draw down on these amounts. The payment top-up will be in force from the date of listing to 30 November 2015. Beyond that, if the gross operating profit continues to fall short, stapled security holders of FHT will be left wanting.
Without the payment top-up, the distribution yield for FHT will drop to 6.5% from the projected 7%. According to the report by Maybank-Kim Eng, the average distribution yield of hospitality trusts listed here is 6.8%. Excluding the payment top-up, the yield of FHT is actually slightly below average. When OUE Commercial REIT (SGX: TS0U) went public, it too engaged in similar kinds of financial engineering to shore up its yield.
Going forward
Frasers Centrepoint, directly and/or indirectly, owns 12 properties, of which five are hotels and seven are serviced residences and these could potentially be injected into FHT in the future. Furthermore, there are six hotels directly and/or indirectly owned by TCC Group, which could also be offered to FHT.
If all the 18 properties are acquired by FHT, the total number of hotel rooms and serviced residence units of FHT will increase by 2,372 and 1,135 respectively, resulting in a total 143% increase in the portfolio size for the stapled trust. According to the draft prospectus, the 18 properties will “provide a visible pipeline to FHT, offering potential opportunities for portfolio growth”.
Foolish Summary
Here’s a quick round up of what I’ve discussed: 1) FHT will debut in our shores on 14 July 2014 as mentioned earlier; 2) with an offer price of S$0.88, it gives potential investors a yield of 7% (with payment top-up) at a PB ratio of 1.06; 3) risks associated with the stapled trust include its high gearing ratio and a potential decrease in income; 4) lastly, its growth factors include the possible injection of the properties currently held by Frasers Centrepoint and TCC Group.
- wong chee tat :)
By Sudhan P - June 24, 2014
Frasers Hospitality Trust (FHT) is slated to be the newest kid on the block in the neighbourhood of real estate investment trusts and business trusts. This comes barely seven months after FHT’s sponsor Frasers Centrepoint (SGX: TQ5) went public.
Real estate developer Frasers Centrepoint was spun-off from the conglomerate Fraser and Neave(SGX: F99).
Once FHT goes public on 14 July 2014, it will be the first global hotel and serviced residence stapled trust listed in Singapore’s share market.
The initial portfolio of FHT will comprise of 12 properties – six hotels and six serviced residences – that come from TCC Group and Frasers Centrepoint.
The hotels are InterContinental Singapore, Novotel Rockford Darling Harbour, Park International London, Best Western Cromwell London, ANA Crowne Plaza Kobe, and Westin Kuala Lumpur. These hotels are from the TCC Group, which happen to be one of Frasers Centrepoint’s major shareholders.
Meanwhile, the six serviced residences are Fraser Suites Singapore, Fraser Suites Sydney, Fraser Place Canary Wharf, Fraser Suites Queens Gate, Fraser Suites Glasgow, and Fraser Suites Edinburgh. These properties come from Frasers Centrepoint.
Based on the above, FHT’s portfolio will boast a total of 1,928 hotel rooms and 842 serviced residence units. The properties, which serve the mid-scale to luxury market segments, are located in Australia, the United Kingdom, Japan, Malaysia and Singapore.
According to a draft prospectus filed with the Monetary Authority of Singapore, FHT will sell 182.1 million stapled securities at S$0.88 apiece. Each stapled security consists of a unit of Frasers Hospitality Real Estate Investment Trust and a unit of Frasers Hospitality Business Trust.
There are a number of FHT’s potential-properties that are under master leases. In the case of a loss of any master lessees, Frasers Hospitality Business Trust will, as a last resort, step in as the master lessee or tenant.
The total number of outstanding stapled securities immediately after the completion of the initial public offering (IPO) will be 1.19 billion, which include offerings to the vendor of Fraser Suites Singapore, vendors of the hotels that are part of the portfolio, and cornerstone investors such as DBS Group Holdings (SGX: D05) and Fortress Capital Asset Management. This translates to a market capitalisation of S$1.04 billion for FHT based on its IPO price.
Frasers Centrepoint and TCC Group will hold 65% of FHT immediately following the IPO, assuming that the over-allotment option is not exercised. This helps align the interests of the parties behind the IPO and the new stapled security holders that buy-in during the offering.
The distribution yield for FHT is projected to be 7%. The net asset value per stapled security will be S$0.83, translating to a price-to-book (PB) ratio of 1.06.
Risks
There are a number of risks that potential investors have to take note of. The first has to do with the gearing ratio and the other has to do with financial engineering.
The gearing ratio of FHT will be 41.7% according to its prospectus. According to an analyst report by Maybank-Kim Eng dated 23 June 2014, the average gearing ratio of all the hospitality trusts listed here is at 32.8%. A trust with a gearing ratio that’s too high will be more vulnerable to downturns in the property cycle as it still has to continue to service its borrowings despite the downturn.
Moving on to the financial engineering-related risks, there is a provision for a payment top-up where the vendor of InterContinental Singapore and one of the vendors of Fraser Suites Singapore will deposit a total of S$9.7 million in escrow. When the gross operating profit of the relevant property falls below certain thresholds, the REIT Trustee will be able to draw down on these amounts. The payment top-up will be in force from the date of listing to 30 November 2015. Beyond that, if the gross operating profit continues to fall short, stapled security holders of FHT will be left wanting.
Without the payment top-up, the distribution yield for FHT will drop to 6.5% from the projected 7%. According to the report by Maybank-Kim Eng, the average distribution yield of hospitality trusts listed here is 6.8%. Excluding the payment top-up, the yield of FHT is actually slightly below average. When OUE Commercial REIT (SGX: TS0U) went public, it too engaged in similar kinds of financial engineering to shore up its yield.
Going forward
Frasers Centrepoint, directly and/or indirectly, owns 12 properties, of which five are hotels and seven are serviced residences and these could potentially be injected into FHT in the future. Furthermore, there are six hotels directly and/or indirectly owned by TCC Group, which could also be offered to FHT.
If all the 18 properties are acquired by FHT, the total number of hotel rooms and serviced residence units of FHT will increase by 2,372 and 1,135 respectively, resulting in a total 143% increase in the portfolio size for the stapled trust. According to the draft prospectus, the 18 properties will “provide a visible pipeline to FHT, offering potential opportunities for portfolio growth”.
Foolish Summary
Here’s a quick round up of what I’ve discussed: 1) FHT will debut in our shores on 14 July 2014 as mentioned earlier; 2) with an offer price of S$0.88, it gives potential investors a yield of 7% (with payment top-up) at a PB ratio of 1.06; 3) risks associated with the stapled trust include its high gearing ratio and a potential decrease in income; 4) lastly, its growth factors include the possible injection of the properties currently held by Frasers Centrepoint and TCC Group.
- wong chee tat :)
Frasers Hospitality Trust (FHT)
"After FHT has been admitted to the Main Board of the SGX-ST, FH-REIT will make distributions
to Stapled Securityholders on a semi-annual basis, with the amount calculated as at 31 March,
and 30 September each year for the six-month period ending on each of the said dates. FH-REIT’s
first distribution after the Listing Date will be for the period from the Listing Date to 31 March 2015
and will be paid by the REIT Manager on or before 29 June 2015. Subsequent distributions will
take place on a semi-annual basis as well. Under the FH-REIT Trust Deed, the REIT Manager is
required to pay distributions within 90 days after the end of each distribution period."
From Prospectus
- wong chee tat :)
to Stapled Securityholders on a semi-annual basis, with the amount calculated as at 31 March,
and 30 September each year for the six-month period ending on each of the said dates. FH-REIT’s
first distribution after the Listing Date will be for the period from the Listing Date to 31 March 2015
and will be paid by the REIT Manager on or before 29 June 2015. Subsequent distributions will
take place on a semi-annual basis as well. Under the FH-REIT Trust Deed, the REIT Manager is
required to pay distributions within 90 days after the end of each distribution period."
From Prospectus
- wong chee tat :)
Monday, June 30, 2014
Frasers Hospitality share placement 21 times subscribed
Frasers Hospitality share placement 21 times subscribed
Strong demand from institutional investors for Frasers Hospitality Trust's initial public offering.
SINGAPORE: Frasers Hospitality Trust on Monday (June 30) provided more details about its S$367.9 million initial public offering (IPO), saying the offer has seen strong demand from institutional investors.
The hotels and serviced residences real estate investment trust (REIT) said its international placement of 139.6 million stapled securities at S$0.88 apiece attracted interests valued around S$2.5 billion - which translates to a subscription rate of around 21 times.
A group of cornerstone investors, including DBS and Fortress Capital Asset Management, had subscribed for another 232.9 million stapled securities, also priced at S$0.88 each.
The public portion of its IPO, aimed at ordinary retail investors, will comprise 45.5 million stapled securities priced at S$0.88 apiece.
The public offer opens at 9am on Tuesday and closes at 12pm on July 10, Frasers Hospitality said. The stapled securities will begin trading on the Singapore Exchange on July 14.
Frasers Hospitality - which is sponsored by Singapore property giant Frasers Centrepoint Ltd - will have an initial portfolio of six hotels and six serviced residences valued around S$1.7 billion.
The six hotels, which came from Frasers Centrepoint's Thai parent TCC Group, are the InterContinental Singapore, Novotel Rockford Darling Harbour, Park International London, Best Western Cromwell London, ANA Crowne Plaza Kobe and Westin Kuala Lumpur.
The six serviced residences are Fraser Suites Singapore, Fraser Suites Sydney, Fraser Place Canary Wharf, Fraser Suites Queens Gate, Fraser Suites Glasgow and Fraser Suites Edinburgh.
Frasers Hospitality also has first right of refusal to buy another 18 properties from its parent companies.
The REIT offers investors an indicative yield of 7 per cent for the full financial year from 1 October 2014 to 30 September 2015.
Frasers Centrepoint and TCC Hospitality, an associate of TCC Group, will together hold around 65 percent of Frasers Hospitality after the IPO.
- CNA/ly
- wong chee tat :)
Strong demand from institutional investors for Frasers Hospitality Trust's initial public offering.
SINGAPORE: Frasers Hospitality Trust on Monday (June 30) provided more details about its S$367.9 million initial public offering (IPO), saying the offer has seen strong demand from institutional investors.
The hotels and serviced residences real estate investment trust (REIT) said its international placement of 139.6 million stapled securities at S$0.88 apiece attracted interests valued around S$2.5 billion - which translates to a subscription rate of around 21 times.
A group of cornerstone investors, including DBS and Fortress Capital Asset Management, had subscribed for another 232.9 million stapled securities, also priced at S$0.88 each.
The public portion of its IPO, aimed at ordinary retail investors, will comprise 45.5 million stapled securities priced at S$0.88 apiece.
The public offer opens at 9am on Tuesday and closes at 12pm on July 10, Frasers Hospitality said. The stapled securities will begin trading on the Singapore Exchange on July 14.
Frasers Hospitality - which is sponsored by Singapore property giant Frasers Centrepoint Ltd - will have an initial portfolio of six hotels and six serviced residences valued around S$1.7 billion.
The six hotels, which came from Frasers Centrepoint's Thai parent TCC Group, are the InterContinental Singapore, Novotel Rockford Darling Harbour, Park International London, Best Western Cromwell London, ANA Crowne Plaza Kobe and Westin Kuala Lumpur.
The six serviced residences are Fraser Suites Singapore, Fraser Suites Sydney, Fraser Place Canary Wharf, Fraser Suites Queens Gate, Fraser Suites Glasgow and Fraser Suites Edinburgh.
Frasers Hospitality also has first right of refusal to buy another 18 properties from its parent companies.
The REIT offers investors an indicative yield of 7 per cent for the full financial year from 1 October 2014 to 30 September 2015.
Frasers Centrepoint and TCC Hospitality, an associate of TCC Group, will together hold around 65 percent of Frasers Hospitality after the IPO.
- CNA/ly
- wong chee tat :)
Friday, January 10, 2014
Wednesday, January 8, 2014
OUE’s $451 mil Singapore REIT IPO to be launched next week
OUE’s $451 mil Singapore REIT IPO to be launched next week
Tuesday, 07 January 2014
Tuesday, 07 January 2014
© 2014 - The Edge Singapore
- wong chee tat :)
Tuesday, November 26, 2013
SGX hunting for 89,000 investors with $68.3m in unclaimed shares, dividends
SGX hunting for 89,000 investors with $68.3m in unclaimed shares, dividends
You could be richer than you think.
According to a release, Singapore Exchange (SGX) wants to locate 89,000 investors who own $68.3 million in unclaimed shares and dividends.
These unclaimed assets comprise $14.6 million of SingTel shares and dividends belonging to investors without Central Depository (CDP) accounts. The 15,000 individuals who own these shares bought them at $2.00 each in the company’s 1993 IPO. The shares have returned more than twice that amount since.
Also, the unclaimed assets account for $53.7 million of dividends belonging to investors who cannot be contacted. Each year, thousands of shareholders do not cash their dividend cheques.
Unclaimed dividends are returned to the relevant listed companies after six years. Currently, 74,000 investors have yet to claim $53.7 million in dividends which SGX is safe-keeping.
“This initiative highlights the benefits Singaporeans enjoy when they invest in shares over the long term. We hope to locate the rightful owners of these assets through this exercise while making Singaporeans more aware of the role share investing can play in their financial planning for their retirement and other needs,” said Chew Sutat, Executive Vice President at SGX.
“Many listed companies pay sizeable dividends. In the past 12 months, the 30 companies making up the Straits Times Index paid $15.5 billion in dividends, equivalent to a 3% yield.
We encourage investors to take advantage of SGX’s direct crediting service which automatically deposits their dividends into their bank accounts,” said Lynn Gaspar, Head of Retail Investors at SGX.
“It is always encouraging to hear real-life examples of investors who invested in shares for the long term and enjoyed healthy returns. There are two lessons here for all of us; first, share investing is a crucial part of financial planning and second, investors should monitor their company’s corporate actions and developments,” said David Gerald, President and CEO of the Securities Investors Association (Singapore).
To encourage investors to come forward during this initiative, SGX is waiving the administrative fee for the re-issuance of dividend cheques and dividend crediting until 26 January 2014.
- wong chee tat :)
You could be richer than you think.
According to a release, Singapore Exchange (SGX) wants to locate 89,000 investors who own $68.3 million in unclaimed shares and dividends.
These unclaimed assets comprise $14.6 million of SingTel shares and dividends belonging to investors without Central Depository (CDP) accounts. The 15,000 individuals who own these shares bought them at $2.00 each in the company’s 1993 IPO. The shares have returned more than twice that amount since.
Also, the unclaimed assets account for $53.7 million of dividends belonging to investors who cannot be contacted. Each year, thousands of shareholders do not cash their dividend cheques.
Unclaimed dividends are returned to the relevant listed companies after six years. Currently, 74,000 investors have yet to claim $53.7 million in dividends which SGX is safe-keeping.
“This initiative highlights the benefits Singaporeans enjoy when they invest in shares over the long term. We hope to locate the rightful owners of these assets through this exercise while making Singaporeans more aware of the role share investing can play in their financial planning for their retirement and other needs,” said Chew Sutat, Executive Vice President at SGX.
“Many listed companies pay sizeable dividends. In the past 12 months, the 30 companies making up the Straits Times Index paid $15.5 billion in dividends, equivalent to a 3% yield.
We encourage investors to take advantage of SGX’s direct crediting service which automatically deposits their dividends into their bank accounts,” said Lynn Gaspar, Head of Retail Investors at SGX.
“It is always encouraging to hear real-life examples of investors who invested in shares for the long term and enjoyed healthy returns. There are two lessons here for all of us; first, share investing is a crucial part of financial planning and second, investors should monitor their company’s corporate actions and developments,” said David Gerald, President and CEO of the Securities Investors Association (Singapore).
To encourage investors to come forward during this initiative, SGX is waiving the administrative fee for the re-issuance of dividend cheques and dividend crediting until 26 January 2014.
- wong chee tat :)
Wednesday, July 24, 2013
OUE Hospitality Trust IPO 19.1 Times Subscribed
OUE Hospitality Trust IPO 19.1 Times Subscribed
by Admin on Jul 24, 2013 • 8:21 pm
by Ernie B. Calucag
singapore
The initial public offering (IPO) of OUE Hospitality Trust, which comprises OUE Hospitality Real Estate Investment Trust and OUE Hospitality Business Trust, is 19.1 times subscribed, the trust said Wednesday.
The public offering of around 434.6 million stapled securities, which closed Tuesday noon, received 40,935 applications representing approximately 974.7 million units.
Meanwhile, the placement tranche of 383.5 million stapled securities to institutional investors and 51.1 million stapled securities to the public in Singapore were both fully subscribed.
Together, the OUE Hospitality Trust raised gross proceeds of S$600.0 million, with potential to go up to S$660.0 million if the over-allotment option of 68.2 million stapled securities is exercised in full.
The trust also secured an additional S$218.0 million worth of commitments from cornerstone investors such as Credit Suisse AG, Goldhill, Mr Gordon Tang, Lucille Holdings Pte Ltd and Splendid Asia Macro Fund who have subscribed for an aggregate of 247.2 million stapled securities.
Priced at S$0.88 per stapled security, the holders can expect to receive annualised 2013 distribution yield of 7.36 per cent and projected 7.46 per cent in 2014.
“The strong demand from the market highlights that investors recognise the sound asset fundamentals that underpin the portfolio of OUE H-Trust, as well as the strong backing of our sponsor Overseas Union Enterprise (OUE),” said Chong Kee Hiong, CEO of the REIT Manager.
OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
Also, a business hotel next to Changi Airport and two hospitality assets in China may be offered to OUE Hospitality Trust, according to the IPO prospectus. The properties, which have a total valuation of S$413.0 million as at 31 December 2013, could potentially double the number of hotel rooms owned by the trust, according to the document.
Led by Indonesian tycoon Stephen Riady, OUE revived plans for the REIT listing soon after it lost the battle to buy Fraser and Neave to Thai billionaire Charoen Sirivadhanabhakdi.
OUE also owns hotel properties outside Singapore, including Meritus Pelangi Beach Resort & Spa Langkawi in Malaysia and Meritus Mandarin Haikou and Meritus Shantou in China.
The share sale was managed by Credit Suisse Group AG, Goldman Sachs Group Inc. and Standard Chartered Plc.
OUE Hospitality Trust will start trade at 2.00 p.m. on Thursday, July 25.
SPH REIT Debuts Strong
SPH REIT gained on its first day of trading as investors were attracted by returns higher than those of comparable properties.
The shares jumped 9.4 per cent to 98.5 S-cents at the close of trading Tuesday. The stock was offered at 90 S-cents apiece, the top end of its price range.
SPH REIT units were offered with a yield of 5.79 per cent based on fiscal 2014 projections. That is higher than the measure tracking REITs in Singapore, which trades with a yield of 4.76 per cent, according to data compiled by Bloomberg.
The media group Singapore Press Holdings sold 615.8 million REIT units, raising S$554.0 million.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
REITs and business trusts were the biggest fundraisers in Singapore’s initial public offering market in the past year, accounting for US$4.16 billion of the US$6.2 billion of stock priced, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
- wong chee tat :)
by Admin on Jul 24, 2013 • 8:21 pm
by Ernie B. Calucag
singapore
The initial public offering (IPO) of OUE Hospitality Trust, which comprises OUE Hospitality Real Estate Investment Trust and OUE Hospitality Business Trust, is 19.1 times subscribed, the trust said Wednesday.
The public offering of around 434.6 million stapled securities, which closed Tuesday noon, received 40,935 applications representing approximately 974.7 million units.
Meanwhile, the placement tranche of 383.5 million stapled securities to institutional investors and 51.1 million stapled securities to the public in Singapore were both fully subscribed.
Together, the OUE Hospitality Trust raised gross proceeds of S$600.0 million, with potential to go up to S$660.0 million if the over-allotment option of 68.2 million stapled securities is exercised in full.
The trust also secured an additional S$218.0 million worth of commitments from cornerstone investors such as Credit Suisse AG, Goldhill, Mr Gordon Tang, Lucille Holdings Pte Ltd and Splendid Asia Macro Fund who have subscribed for an aggregate of 247.2 million stapled securities.
Priced at S$0.88 per stapled security, the holders can expect to receive annualised 2013 distribution yield of 7.36 per cent and projected 7.46 per cent in 2014.
“The strong demand from the market highlights that investors recognise the sound asset fundamentals that underpin the portfolio of OUE H-Trust, as well as the strong backing of our sponsor Overseas Union Enterprise (OUE),” said Chong Kee Hiong, CEO of the REIT Manager.
OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
Also, a business hotel next to Changi Airport and two hospitality assets in China may be offered to OUE Hospitality Trust, according to the IPO prospectus. The properties, which have a total valuation of S$413.0 million as at 31 December 2013, could potentially double the number of hotel rooms owned by the trust, according to the document.
Led by Indonesian tycoon Stephen Riady, OUE revived plans for the REIT listing soon after it lost the battle to buy Fraser and Neave to Thai billionaire Charoen Sirivadhanabhakdi.
OUE also owns hotel properties outside Singapore, including Meritus Pelangi Beach Resort & Spa Langkawi in Malaysia and Meritus Mandarin Haikou and Meritus Shantou in China.
The share sale was managed by Credit Suisse Group AG, Goldman Sachs Group Inc. and Standard Chartered Plc.
OUE Hospitality Trust will start trade at 2.00 p.m. on Thursday, July 25.
SPH REIT Debuts Strong
SPH REIT gained on its first day of trading as investors were attracted by returns higher than those of comparable properties.
The shares jumped 9.4 per cent to 98.5 S-cents at the close of trading Tuesday. The stock was offered at 90 S-cents apiece, the top end of its price range.
SPH REIT units were offered with a yield of 5.79 per cent based on fiscal 2014 projections. That is higher than the measure tracking REITs in Singapore, which trades with a yield of 4.76 per cent, according to data compiled by Bloomberg.
The media group Singapore Press Holdings sold 615.8 million REIT units, raising S$554.0 million.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
REITs and business trusts were the biggest fundraisers in Singapore’s initial public offering market in the past year, accounting for US$4.16 billion of the US$6.2 billion of stock priced, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
- wong chee tat :)
Thursday, July 18, 2013
OUE Prices Hospitality Trust IPO at S$0.88 to Raise S$600 million
OUE Prices Hospitality Trust IPO at S$0.88 to Raise S$600 million
by Admin on Jul 18, 2013 • 7:41 pm
by Ernie B. Calucag
Singapore property firm Overseas Union Enterprise Ltd (OUE) has priced Thursday the initial public offering of its hospitality and retail assets at S$0.88 per stapled security, at the low end of the indicative range of S$0.88 to S$0.90 each.
According to the prospectus, OUE Hospitality Trust will offer 434,598,000 stapled securities, consisting of an international placement of 383,462,000 stapled securities and 51,136,000 stapled securities to the public in Singapore.
The offer also includes 247,220,000 stapled securities to cornerstone investors such as Credit Suisse AG, Goldhill, Mr Gordon Tang, Lucille Holdings Pte Ltd and Splendid Asia Macro Fund.
OUE Hospitality Trust is expected to raise S$600.0 million from the offering. At S$0.88 each, the trust is offering a yield of 7.46 per cent based on fiscal 2014 projections, according to the prospectus.
The trust will comprise a real estate investment trust and a business trust. OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
Also, a business hotel next to Changi Airport and two hospitality assets in China may be offered to OUE Hospitality Trust, according to the IPO prospectus. The properties, which have a total valuation of S$413.0 million as at 31 December 2013, could potentially double the number of hotel rooms owned by the trust, according to the document.
Led by Indonesian tycoon Stephen Riady, OUE revived plans for the REIT listing soon after it lost the battle to buy Fraser and Neave to Thai billionaire Charoen Sirivadhanabhakdi.
OUE also owns hotel properties outside Singapore, including Meritus Pelangi Beach Resort & Spa Langkawi in Malaysia and Meritus Mandarin Haikou and Meritus Shantou in China.
The share sale was managed by Credit Suisse Group AG, Goldman Sachs Group Inc. and Standard Chartered Plc.
The retail tranche of the offering opens Thursday while listing will be on July 25.
OUE’s IPO follows that of media group Singapore Press Holdings (SPH)’s REIT offering, priced at S$0.90 per unit Wednesday.
SPH said the final price, at the top end of the indicated range, was settled after seeing strong institutional investor response during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche.
The media group is expected to raise S$504.0 million on offering of 308.9 million units to institutional and public investors, and 251 million units to cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company.
At S$0.90 per unit, SPH REIT offers a yield of 5.58 per cent and 5.79 per cent for the forecast period 2H2013 and projection year 2014, respectively.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
REITs and business trusts were the biggest fundraisers in Singapore’s initial public offering market in the past year, accounting for US$4.16 billion of the US$6.2 billion of stock priced, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
More good news coming?
- wong chee tat :)
by Admin on Jul 18, 2013 • 7:41 pm
by Ernie B. Calucag
Singapore property firm Overseas Union Enterprise Ltd (OUE) has priced Thursday the initial public offering of its hospitality and retail assets at S$0.88 per stapled security, at the low end of the indicative range of S$0.88 to S$0.90 each.
According to the prospectus, OUE Hospitality Trust will offer 434,598,000 stapled securities, consisting of an international placement of 383,462,000 stapled securities and 51,136,000 stapled securities to the public in Singapore.
The offer also includes 247,220,000 stapled securities to cornerstone investors such as Credit Suisse AG, Goldhill, Mr Gordon Tang, Lucille Holdings Pte Ltd and Splendid Asia Macro Fund.
OUE Hospitality Trust is expected to raise S$600.0 million from the offering. At S$0.88 each, the trust is offering a yield of 7.46 per cent based on fiscal 2014 projections, according to the prospectus.
The trust will comprise a real estate investment trust and a business trust. OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
Also, a business hotel next to Changi Airport and two hospitality assets in China may be offered to OUE Hospitality Trust, according to the IPO prospectus. The properties, which have a total valuation of S$413.0 million as at 31 December 2013, could potentially double the number of hotel rooms owned by the trust, according to the document.
Led by Indonesian tycoon Stephen Riady, OUE revived plans for the REIT listing soon after it lost the battle to buy Fraser and Neave to Thai billionaire Charoen Sirivadhanabhakdi.
OUE also owns hotel properties outside Singapore, including Meritus Pelangi Beach Resort & Spa Langkawi in Malaysia and Meritus Mandarin Haikou and Meritus Shantou in China.
The share sale was managed by Credit Suisse Group AG, Goldman Sachs Group Inc. and Standard Chartered Plc.
The retail tranche of the offering opens Thursday while listing will be on July 25.
OUE’s IPO follows that of media group Singapore Press Holdings (SPH)’s REIT offering, priced at S$0.90 per unit Wednesday.
SPH said the final price, at the top end of the indicated range, was settled after seeing strong institutional investor response during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche.
The media group is expected to raise S$504.0 million on offering of 308.9 million units to institutional and public investors, and 251 million units to cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company.
At S$0.90 per unit, SPH REIT offers a yield of 5.58 per cent and 5.79 per cent for the forecast period 2H2013 and projection year 2014, respectively.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
REITs and business trusts were the biggest fundraisers in Singapore’s initial public offering market in the past year, accounting for US$4.16 billion of the US$6.2 billion of stock priced, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
More good news coming?
- wong chee tat :)
OUE's hospitality trust IPO priced at bottom of range
OUE's hospitality trust IPO priced at bottom of range
By Wong Siew Ying
POSTED: 18 Jul 2013 5:47 PM
Hotel and property group Overseas Union Enterprise (OUE) will raise about S$600 million in an initial public offering (IPO) of its hospitality trust.
SINGAPORE: Hotel and property group Overseas Union Enterprise (OUE) will raise about S$600 million in an initial public offering (IPO) of its hospitality trust.
OUE Hospitality Trust plans to sell its units at 88 Singapore cents each which is at the bottom of its indicative range.
This comes a day after Singapore Press Holdings priced an IPO of its retail-centric REIT.
OUE said the offer price translates to a projected yield of 7.46 per cent for 2014.
OUE Hospitality Trust's initial asset portfolio will comprise retail mall Mandarin Gallery and hotel Mandarin Orchard Singapore.
The developer is selling about 434.6 million units to institutional and retail investors.
Another 247.2 million units are set aside for five cornerstone investors.
The IPO will be launched at 6pm on July 18.
OUE said the public offer closes on July 23 and trading is expected to start on July 25.
- CNA/fa
- wong chee tat :)
By Wong Siew Ying
POSTED: 18 Jul 2013 5:47 PM
Hotel and property group Overseas Union Enterprise (OUE) will raise about S$600 million in an initial public offering (IPO) of its hospitality trust.
SINGAPORE: Hotel and property group Overseas Union Enterprise (OUE) will raise about S$600 million in an initial public offering (IPO) of its hospitality trust.
OUE Hospitality Trust plans to sell its units at 88 Singapore cents each which is at the bottom of its indicative range.
This comes a day after Singapore Press Holdings priced an IPO of its retail-centric REIT.
OUE said the offer price translates to a projected yield of 7.46 per cent for 2014.
OUE Hospitality Trust's initial asset portfolio will comprise retail mall Mandarin Gallery and hotel Mandarin Orchard Singapore.
The developer is selling about 434.6 million units to institutional and retail investors.
Another 247.2 million units are set aside for five cornerstone investors.
The IPO will be launched at 6pm on July 18.
OUE said the public offer closes on July 23 and trading is expected to start on July 25.
- CNA/fa
- wong chee tat :)
Wednesday, July 17, 2013
SPH Prices REIT IPO at S$0.90 per Unit
SPH Prices REIT IPO at S$0.90 per Unit
by Admin on Jul 17, 2013 • 7:01 pm
by Ernie B. Calucag
Media group Singapore Press Holdings (SPH) has priced Wednesday its real estate investment trust (REIT) offering at S$0.90 per unit, at the top end of an indicative range of S$0.85-S$0.90 per unit.
SPH said the final price was settled after seeing strong institutional investor response during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche.
The media group is expected to raise S$504.0 million on offering of 308.9 million units to institutional and public investors, and 251 million units to cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company.
At S$0.90 per unit, SPH REIT offers a yield of 5.58 per cent and 5.79 per cent for the forecast period 2H2013 and projection year 2014, respectively.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
Paragon and Clementi Mall are valued at S$2.5 billion and S$570.5 million respectively by Knight Frank in February.
The retail tranche for the IPO opens on Wednesday and the listing will be on July 24.
Upon listing of SPH REIT, SPH will remain the single largest unitholder, with approximately 70 per cent stake. The group also plans to distribute a special dividend of S$0.18 to shareholders after the listing.
“The manager will take an active role in managing and enhancing SPH REIT’s properties,” SPH REIT said in the prospectus, adding that it will “assess acquisition opportunities in line with SPH REIT’s investment objective.”
Credit Suisse, DBS and Oversea-Chinese Banking Corp are joint bookrunners for SPH REIT, while CIMB and Nomura are co-lead managers.
More REIT IPOs
Another REIT offering is expected to be finalised in the days to come. Last week, Singapore property firm Overseas Union Enterprise Ltd (OUE) lodged its preliminary prospectus seeking to raise up to S$614.0 million.
According to the prospectus, OUE Hospitality Trust will offer 434,598,000 staple securities to the public and institutions. The offer includes 51.1 million staple securities for the retail investors while another 247,220,000 will go to cornerstone investors.
The listing will hope to raise up to S$614.0 million with an offer price expected to be between 88 S-cents and 90 S-cents per stapled security.
The trust will comprise a real estate investment trust and a business trust. OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
REITs raised S$3.4 billion or 68 per cent of the S$5.0 billion of stock sold in Singapore IPOs in the past 12 months, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
More good news coming?
- wong chee tat :)
by Admin on Jul 17, 2013 • 7:01 pm
by Ernie B. Calucag
Media group Singapore Press Holdings (SPH) has priced Wednesday its real estate investment trust (REIT) offering at S$0.90 per unit, at the top end of an indicative range of S$0.85-S$0.90 per unit.
SPH said the final price was settled after seeing strong institutional investor response during the bookbuilding process, amounting to approximately 42 times the number of units offered under the placement tranche.
The media group is expected to raise S$504.0 million on offering of 308.9 million units to institutional and public investors, and 251 million units to cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company.
At S$0.90 per unit, SPH REIT offers a yield of 5.58 per cent and 5.79 per cent for the forecast period 2H2013 and projection year 2014, respectively.
The SPH REIT’s assets will include the luxury Paragon mall in the prime shopping district of Orchard Road and the suburban Clementi Mall.
Paragon and Clementi Mall are valued at S$2.5 billion and S$570.5 million respectively by Knight Frank in February.
The retail tranche for the IPO opens on Wednesday and the listing will be on July 24.
Upon listing of SPH REIT, SPH will remain the single largest unitholder, with approximately 70 per cent stake. The group also plans to distribute a special dividend of S$0.18 to shareholders after the listing.
“The manager will take an active role in managing and enhancing SPH REIT’s properties,” SPH REIT said in the prospectus, adding that it will “assess acquisition opportunities in line with SPH REIT’s investment objective.”
Credit Suisse, DBS and Oversea-Chinese Banking Corp are joint bookrunners for SPH REIT, while CIMB and Nomura are co-lead managers.
More REIT IPOs
Another REIT offering is expected to be finalised in the days to come. Last week, Singapore property firm Overseas Union Enterprise Ltd (OUE) lodged its preliminary prospectus seeking to raise up to S$614.0 million.
According to the prospectus, OUE Hospitality Trust will offer 434,598,000 staple securities to the public and institutions. The offer includes 51.1 million staple securities for the retail investors while another 247,220,000 will go to cornerstone investors.
The listing will hope to raise up to S$614.0 million with an offer price expected to be between 88 S-cents and 90 S-cents per stapled security.
The trust will comprise a real estate investment trust and a business trust. OUE said it will initially inject two assets in the trust- the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.
REITs raised S$3.4 billion or 68 per cent of the S$5.0 billion of stock sold in Singapore IPOs in the past 12 months, according to data compiled by Bloomberg.
The biggest share sale was the S$1.6 billion raised by Mapletree Greater China Commercial Trust, a REIT that owns assets including the Festival Walk shopping mall in Hong Kong and an office complex in Beijing.
The citystate lists 23 REITs and is the largest REIT market in Asia ex-Japan. Singapore-listed REITs have a combined market capitalisation of S$52.0 billion. Together the 23 REITs provide a diverse mix of local and international property assets that house industrial, commercial, retail, residential and specialised tenants.
More good news coming?
- wong chee tat :)
SPH to raise S$504m in REIT IPO
SPH to raise S$504m in REIT IPO
By Wong Siew Ying
POSTED: 17 Jul 2013 2:10 PM
Singapore Press Holdings (SPH) will be raising S$504 million in an initial public offering of its retail-focused real-estate investment trust.
SINGAPORE: Singapore Press Holdings (SPH) will be raising S$504 million in an initial public offering of its retail-focused real-estate investment trust.
According to its prospectus, SPH REIT plans to sell its units at 90 Singapore cents each, representing the top-end of the indicative price range of 85 Singapore cents to 90 cents.
The trust is selling 308.9 million units to institutional and public investors. It has an option to bump up the sale by up to 56 million units.
SPH REIT has secured five cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company who have committed S$226 million for 251 million units.
At 90 cents a unit, SPH REIT is offering a yield of 5.79 per cent based on its projections for 2014.
The trust's assets will include the Paragon mall in Orchard Road and the suburban Clementi Mall.
The public offer for the IPO opens on Wednesday and the listing will be on July 24.
SPH said indication of interest among institutional investors during the bookbuilding process amounted to 42 times the number of units offered under the placement tranche.
- CNA/ac/fa
- wong chee tat :)
By Wong Siew Ying
POSTED: 17 Jul 2013 2:10 PM
Singapore Press Holdings (SPH) will be raising S$504 million in an initial public offering of its retail-focused real-estate investment trust.
SINGAPORE: Singapore Press Holdings (SPH) will be raising S$504 million in an initial public offering of its retail-focused real-estate investment trust.
According to its prospectus, SPH REIT plans to sell its units at 90 Singapore cents each, representing the top-end of the indicative price range of 85 Singapore cents to 90 cents.
The trust is selling 308.9 million units to institutional and public investors. It has an option to bump up the sale by up to 56 million units.
SPH REIT has secured five cornerstone investors such as Great Eastern Life Assurance Company, Hong Leong Asset Management and Morgan Stanley Investment Management Company who have committed S$226 million for 251 million units.
At 90 cents a unit, SPH REIT is offering a yield of 5.79 per cent based on its projections for 2014.
The trust's assets will include the Paragon mall in Orchard Road and the suburban Clementi Mall.
The public offer for the IPO opens on Wednesday and the listing will be on July 24.
SPH said indication of interest among institutional investors during the bookbuilding process amounted to 42 times the number of units offered under the placement tranche.
- CNA/ac/fa
- wong chee tat :)
Subscribe to:
Posts (Atom)