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Reports Singapore

Singapore stock market and companies daily report (Centurion Corp, ISDN Hldgs, Sabana REIT) (July 17, 2014)

July 17, 2014, Thursday, 05:05 GMT | 00:05 EST | 08:35 IST | 11:05 SGT
Contributed by Shares Investment


Centurion Corporation has announced the acquisition of four student accommodation assets in Manchester and Liverpool for GBP77 million ($164.5 million). The properties comprise a total of 1,906 beds with further development potential and have a strong track record of high occupancy rates over the last three years. The acquisition is in line with the company’s strategy to build a sizeable student accommodation portfolio in key global education hubs and broaden its earnings base.

ISDN Holdings has teamed up with Indonesia-based PT Jodo Alam Titra (PT Jodo) to create a portfolio of mini hydropower projects with combined capacity of 100 megawatt in Indonesia. Both companies have agreed to the acquisition of three energy companies currently owned by PT Jodo. ISDN will hold an 88 percent stake in the three companies after the acquisition and the remaining will be held by PT Jodo. The move is in line with the company’s goal to steadily expand its hydropower footprint in Sulawesi.

KSH Holdings’ unit, Kim Seng Heng Engineering Construction has inked a $147.8 million contract for the design, construction, completion and maintenance of a proposed integrated community building at Bedok North Street 1. The contract is expected to commence at the end of July, with projected completion in 2017. The latest contract lifts the company’s construction order book to over $500 million.

Sabana Shari’ah Compliant Industrial Real Estate Investment Trust registered a 17.6 percent year-to-year increase in gross revenue to $25.4 million in 2Q14, mainly due to the contribution from 508 Chai Chee Lane and higher gross income from 151 Lorong Chuan, which was converted into multi-tenanted lease arrangement. However, property expenses expanded 428.6 percent to $7 million and coupled with higher finance costs and lower net change in fair value of financial derivatives, distributable income decreased 16.6 percent to $13 million. This resulted in a 22.5 percent drop in distribution per unit to $0.0186 for 2Q14.

TEE International’s wholly-owned subsidiaries, PBT Engineering and Trans Equatorial Engineering have secured approximately $57 million worth of new engineering contracts, including a $42 million contract to carry out civil and mechanical and electrical works for Changi Airport Group. With the new contracts, the company’s order book stands at about $398 million for its engineering segment.