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Reports Singapore

Singapore stock market and companies daily report (Ascott REIT, JEP Hldgs, Vard Hldgs) (July 07, 2014)

July 7, 2014, Monday, 03:31 GMT | 22:31 EST | 07:01 IST | 09:31 SGT
Contributed by Shares Investment

Ascott Residence Trust proposed to acquire shareholding interests in three serviced residence properties (two in China, one in Malaysia) for a purchase consideration of $131.6 million. The serviced residence properties come with a total of 707 apartment units yielding a combined gross floor area of 64,787.1 square metres, and are valued at $175.7 million. When completed, distribution per unit of the trust’s enlarged portfolio is expected to be lifted from $0.084 to $0.0881 in FY13 on a pro forma basis.

JEP Holdings has agreed to purchase and install a list of equipment at JEP Precision Engineering’s facility, Surface Engineering Hub, for a purchase consideration of $0.9 million. The transaction represents an interested person transaction as Synersys is 51 percent owned by Chan Wai Leong, a director of JEP. The job was awarded to Synersys on the basis of its ability to efficiently install and maintain the systems as well as generate cost savings through the competitive rates offered to JEP.

Vard Holdings has acquired STX Canada Marine, a marine engineering and design company that is incorporated in Vancouver, Canada, for a purchase consideration of NOK65.4 million in cash. The acquisition is in line with the company’s strategy of increasing its engineering and design capacity, and growing its business in North America. STX Marine will operate under the name of Vard Marine.