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Reports Singapore

Singapore stock market and companies daily report (CapitaLand, GLP, Chasen Hldgs) (June 12, 2014)

June 12, 2014, Thursday, 06:49 GMT | 01:49 EST | 10:19 IST | 12:49 SGT
Contributed by Shares Investment

CapitaLand’s wholly owned subsidiary The Ascott (Ascott), has secured its first franchise agreements in Vientiane, Laos and Bali, Indonesia. The agreements are for an operating serviced residence in Vientiane that will be rebranded as a 116-unit Somerset Vientiane in 4Q14 and a 194-unit Citadines Kuta Beach Bali that is scheduled to open in August.

Chasen Holdings secures six more contracts worth $7.8 million in FY15. As a testimony to the company’s growing presence through its regionalisation strategy, four of the six projects were contracted in the Asean region of Malaysia, China and Vietnam.

Global Logistic Properties (GLP) has signed lease agreements totaling 23,000 square metres with two leading third-party logistics service provider in China, including Best Logistics, a strategic partner and one of GLP’s largest customers by leased area in China. Increasing expansion of organised retail and e-commerce continue to drive demand for GLP’s logistics facilities in China.

Hwa Hong Corporation’s 82 percent owned subsidiary, Capital Hatton has agreed to dispose of all its interest in the properties located at 12-16 Clerkenwell Road and 5-8 Sutton Street, London for a total cash consideration of £11 million. Upon completion of the disposal, Capital Hatton is expecting a £3.8 million pre-tax gain.

Tiong Seng Holdings is entering into a 44:51:5 joint venture agreement with Geostr Corporation and Marubeni-Itochu Steel to manufacture and supply precast tunnel segments in Singapore and Malaysia markets, with total investments by Tiong Seng in the joint venture expected to be $14.5 million. The venture is expected to enhance the company’s existing capabilities to tap on Singapore MRT’s $60 billion island wide rail master plan and other projects in Malaysia.

UMS Holdings saw its founder and chief executive officer, Andy Luong, selling 13 million more shares at $0.69 per share recently after offloading 7 million shares in the March to April period at an average of $0.52 per share prior to the bonus issue. Downward price pressure on the supply chain of the semiconductor industry coupled with its major stakeholder paring stakes and UMS’ lack of customer diversification, signals that the company’s profitability could face downward pressure.