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Reports Singapore

Singapore stock market and companies daily report (Global Logistic Properties, Golden Agri, Metro Hldgs) (July 03, 2014)

July 3, 2014, Thursday, 04:36 GMT | 00:36 EST | 09:06 IST | 11:36 SGT
Contributed by Shares Investment

Global Logistic Properties (GLP) inked a new agreement to lease a logistics facility measuring 27,000 square metres in mid-western China to Best Logistics, a third party logistics company. Best Logistics who is a strategic partner with GLP as well as being one of GLP’s largest customers in China by leased area, intends to use the facility to serve customers from the consumer goods and e-commerce industries.

Golden Agri-Resources (GAR) proposed the collaboration with Louis Dreyfus Armateurs Group (LDA) through a 50:50 equity participation in Orchard Maritime Services (OMS), a subsidiary of LDA. OMS currently operates a fleet of modern vessels capable of transporting various agricultural and mineral commodities as well as GAR’s cargoes. The joint ownership of OMS will create a reliable and efficient maritime transportation network in Indonesia.

InnoTek proposed to dispose of 15 million units of Sabana Real Estate Investment Trust (Sabana REIT) in which the company has purchased at $1.05 per unit during the trust’s initial public offering. The disposal is expected to take place over a period of time, where proceeds generated will be re-invested into dividend stocks, bonds and different sectors of REITs.

Metro Holdings agreed to acquire a 25 percent interest in Scarborough Real Estate for a purchase consideration of £5.7 million to be paid in cash. The investment will allow the company to gain access to two residential development land sites located in Manchester, United Kingdom. The move will allow the company to diversify its property interests beyond its current geographical reach and into the United Kingdom.

ValueMax Group proposed to acquire Tai Eng Pawnbroker for a purchase consideration of $4.5 million. The value of the consideration includes the value of Tai Eng’s loan book, inventory and the market value of its shop house. The move will provide an additional stream of revenue to the company as well as being aligned with the company’s expansion strategy.