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Reports Singapore

Singapore stock market and companies daily report (CapitaLand, Noble, China Mining) (April 02, 2014)

April 2, 2014, Wednesday, 05:31 GMT | 00:31 EST | 09:01 IST | 11:31 SGT
Contributed by Shares Investment

- CapitaLand’s serviced residence business unit, The Ascott, has acquired an operating 55-unit serviced residence in Hong Kong for HK$545 million (approximately $88.8 million). The property is Ascott’s fourth in its Hong Kong portfolio.

- Noble Group has agreed to sell a 51-percent stake in its agribusiness, Noble Agri, to a consortium led by COFCO Corporation for an initial payment of US$1.5 billion in cash. The final consideration will be adjusted to equal 1.15 times of 51-percent of Noble Agri’s FY14 ending book value. Noble Group stands to gain an estimated US$64.8 million from the proposed sale.

- China Mining International (CMI) proposed a $1 billion reverse takeover (RTO) deal to acquire China Minerals Energy (CME) and transform itself from a property development company into a pure mining firm. The deal will be financed through the sale of its existing business and issuance of CMI shares. CME has interests in five mines across China, South Australia, Nigeria and Tajikistan. Following the proposed RTO, CME will own about 93.3 percent of the shares in CMI.

- Gaylin Holdings seeks to expand its operations within Asia Pacific through collaboration with a local Malaysian partner, Husky Enviro Services. Husky’s business activities include provision of waste and environmental services to the oil and gas industry sector in Malaysia.