New York: 10:51 || London: 15:51 || Mumbai: 19:21 || Singapore: 21:51

Reports Singapore

Singapore stock market and companies daily report (Ascendas Reit, GSH, Hyflux) (June 26, 2014)

June 26, 2014, Thursday, 04:38 GMT | 23:38 EST | 08:08 IST | 10:38 SGT
Contributed by Shares Investment


Advance SCT proposed the disposal of the company’s 90 percent stake in SCT Technologies (Kunshan) Co. Under the disposal agreement, the purchaser would repay Rmb5.2 million (approximately $1 million) of legacy debt owed to Advance SCT. The company views this as a timely opportunity to exit its loss making printed circuit board and re-channel efforts into its core business of manufacturing and sales of copper-based industrial products.

Ascendas Real Estate Investment Trust (A-REIT) proposed to acquire Hyflux Innovation Centre located at 80 Bendemeer Road for a purchase consideration of $191.2 million. Under the agreement, Hyflux and Hydrochem will lease 50 percent of the total gross floor area of 43,434 square metres for 15 years and all existing third party tenants in the property will be assigned to A-REIT. The property is currently expected to have an occupancy rate of 83.9 percent as well as rental support provided by the vendor for the remaining vacant space for three years. With this, A-REIT’s weighted average lease term to expiry will increase from 3.85 to 3.96 years.

Equation Corp established a joint venture (JV) with Tengah Engineering & Hardware and Lim Hong Kia to set up a JV company, Tengah GreenTech, where the company would hold 40 percent of its shareholding. The JV company will be engaged in the business of providing oil dialysis services and distributing oil dialysis machines for the external cleaning of lubricants using micro filtration.

GSH Corporation via its joint venture company, Plaza Ventures, proposed to acquire Equity Plaza from DL Properties, a subsidiary of Keppel Land, for a purchase consideration of $550 million. Located at the Raffles Place district, the property is a 28-storey office tower with a 99-year leasehold which commenced in 1989, as well as, being well-connected to the Raffles Place mass rapid transport and major expressways.

Hyflux and Banco Interacciones, an infrastructure bank in Mexico, signed a memorandum of understanding to jointly carry out exploration, structuring, pursuit and installation of water and other projects and development in Mexico. Banco Interacciones’ role is to use its experience and local network to introduce potential projects, investment opportunities and business partners to Hyflux, as well as provide financing including coordinating institutional and government relations.