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Reports Singapore

Singapore stock market and companies daily report (SingTel, Frasers Comm Trust, Wee Hur Hldgs) (April 24, 2014)

April 24, 2014, Thursday, 06:03 GMT | 01:03 EST | 10:33 IST | 13:03 SGT
Contributed by Shares Investment


- Singapore Telecommunications agreed to further purchase $2 million worth of shares in Kai Square, a data capturing and video analytics company in Singapore. When completed, the company’s shareholding in Kai Square would increase from 19.1 percent to 39.2 percent.

- Frasers Commercial Trust recorded a 3.7 percent moderate decrease in gross revenue to $28.6 million for the quarter ended 31 March 2014. This was mainly attributed to lower occupancy rates at one of the company’s property in Australia, Central Park as well as a weakening in the Australian dollar. Distribution to unitholders for the quarter gained 5.6 percent to $13.8 million. The company has declared a distribution per unit of $0.020524.

- Wee Hur Holdings proposed a joint venture (JV) for the purpose of developing two mixed-use development projects in Jiangsu province, China. Under the JV agreement, Wee Hur would invest an aggregate consideration of Rmb120 million for both projects. The company views the JV as an opportunity for the company to participate in the real estate market in China.

- Sunpower Group proposed to issue 65.8 million new shares at an issue price of $0.14 per share. These news shares to be issued will increase the paid-up share capital of the company to 394.8 million shares and represent 16.7 percent of the enlarged share capital. The company intends to channel the expected placement proceeds of $8.9 million into working capital requirements.

- Singapore Reinsurance Corporation posted a 35.3 percent jump in revenue to $38.7 million for the quarter ended 31 March 2014, supported by timing difference in booking of premiums and higher premiums reported by cedants. Earnings for the quarter dropped 28 percent to $3.9 million, mainly due to higher net commission and management expenses.