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Reports Singapore

Singapore stock market and companies daily report (Growth Forecast, GLP, Starhill Global REIT) (March 20, 2014)

March 20, 2014, Thursday, 06:29 GMT | 02:29 EST | 10:59 IST | 13:29 SGT
Contributed by Shares Investment

- Forecasters surveyed by the Monetary Authority of Singapore expect the economy to expand 3.8 percent in 2014, down 0.1 percentage point from the 3.9 percent median forecast seen in December’s poll. The dip was due to softer growth expectations for all sectors within the economy, with the manufacturing sector being the exception.

- Global Logistic Properties (GLP) has entered a lease agreement with a leading fast-moving consumer goods company for approximately 53,000 square meters (sqm) of space at GLP Park Hefei Hi-Tech in Hefei, Anhui Province, China. With the agreement, the facility is now fully leased.

- Starhill Global REIT has disposed the Holon L Property for JPY1 billion (about $12.8 million), representing a 6 percent premium over the latest independent valuation of the property at JPY968 million. The retail property situated in Tokyo, Japan, accounts for 0.4 percent of the REIT’s portfolio by asset value.

- Genting Hong Kong’s turnover for the six months ended 31 December 2013 came in 4.3 percent lower at US$298.1 million, due to lower revenue from the gaming segment, partially offset by better contributions from Genting’s other segments. Net profit more than tripled to US$529 million due to a substantial one-off gain related to the partial divestment of Genting’s stake in Norwegian Cruise Line Holdings. For the full year, Genting recorded a 6.6 percent rise in top line to US$554.7 million while earnings gained 178.5 percent to US$552.4 million.

- Otto Marine secured US$21 million charter contracts for its multiple purposes offshore supply vessel – Go Explorer. The vessel will initially be deployed to work in Vietnam followed by Australia.

- Sinostar Pec Holdings’ Dongming Hengchang Petrochemcial Co (DHPC), has agreed to acquire the petrochemical business of its 51-percent owned subsidiary, Dongming Runchang (DR) for Rmb89.6 million. At the same time, DHPC will dispose its stake in DR to Heze Long Ding Investment for Rmb327.3 million. Sinostar expects net proceeds of Rmb115.3 million from the sale which will be used to fund future business expansions, investments and acquisitions.

- Vibrant Group’s joint venture company, Fervent Industrial Development (Suzhou) Co, has acquired an 88,917 sqm prime High Tech Industrial Park development site in Changshu High Tech Industrial Park, Jiangsu, China, for Rmb28.8 million in a public land auction. The site will be developed into six blocks of standard light industrial factory and one block of 5-storey multi-purpose facility.