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Reports Singapore

Singapore stock market and companies daily report (GLP, OCBC, Sabana REIT) (August , 2014)

August 22, 2014, Friday, 04:59 GMT | 23:59 EST | 08:29 IST | 10:59 SGT
Contributed by Shares Investment

Aztech Group has acquired the entire share capital of Glenn Marine Logistics Base (renamed to AZ Marine Offshore Services) for a purchase consideration of $11 million. The principal activities of Glenn Marine are the repairing of ships, vessels and tugs as well as a provider of marine logistics services. The primary asset of Glenn Marine is a property located at 15D Pandan Road which is valued at $11.6 million as of 10 July 2014.

Global Logistics Properties has signed two new lease agreements totaling 34,000 square metres of leasable space in Eastern and Northern China, adding two new companies into its clientele. The facilities to be leased, will be used for the storage and distribution of packaged foods, including products with temperature-control requirements.

LCD Global Investments’ revenue dipped 3.9 percent to $55.5 million for the full year ended 30 June 2014 due to poorer business performance at its leisure and others business segment. Coupled with a more than two times surge in other operating expenses, attributable to the write-off of certain items pertaining to a change in its redevelopment plans of InterContinental Phuket Rawai Beach Resort, the group registered a net loss of $14.4 million.

Oversea-Chinese Banking Corporation and its subsidiary, Great Eastern Holdings, are in discussion to dispose of their combined stakes in United Engineers and WBL Corporation. As discussions are still in the preliminary stage, the group has yet to disclose further details in relation to the possible disposal.

Parkson Retail Asia registered a 4 percent fall in turnover to $99.2 million for the fourth quarter ended 30 June 2014, underpinned mainly by negative same store sales growth in its Vietnam operations. In line with a decline in revenue, the company’s expenditure in inventory and consumables fell $4.9 million. Consequently, earnings fell 35.9 percent to $3.2 million. For the full-year, turnover and earnings fell 3.3 percent and 12.5 percent to $432 million and $34.6 million respectively.

Raffles Education Corporation posted a flat revenue of $127.4 million for the full year ended 30 June 2014. Other operating income soared $35.3 million as a result of the group’s disposal of investment properties and equity interest an investment management company. Helped further by a $65.1 million reduction in other operating expenses in relation to a one-off net reversal of a government grant receivable in 2013, earnings gained more than two-fold to $55.4 million.

Sabana Shari’ah Compliant Real Estate Investment Trust proposed the acquisition of a property located at 10 Changi South Street 2, valued at $54.3 million. The property is a six-storey warehouse building which comes with a gross floor area of 189,609 square feet (sqft) and remaining tenure of 37 years. In addition, the vendor has agreed to carry out additional works and is expected to expand the property’s gross floor area by no less than 49,415 sqft when completed. The purchase consideration of $55.1 million which includes other costs (excluding additional works) is expected to be satisfied by debt and equity.