CTP St James sells car park at St Paul's Place
Developers CTP St James have sold the 520-space multi-storey car park at St Paul's Place in Sheffield to private investor Hanson Capital for £21.55m.The car park is a crucial part of Sheffield's acclaimed £130m mixed-use Heart of the City project. Construction is well under way and is scheduled to be completed by July 2008.
The car park will be managed by Q Parks. Its basement, which comprises a 22,250 sq ft casino, pre-let to Stanley Casinos, and a 7,500 sq ft retail/leisure unit, is also included in the sale.
Robert Firth, director of CTP St James, commented: "The successful sale of the multi-storey car park is resounding endorsement of the strength of Sheffield's economy and a testament to the success of the whole St Paul's Place development. Sheffield is now challenging Leeds hard for the title of Yorkshire's finest city."
The car park will provide much-needed parking space within the city centre, while the casino is destined to become an integral part Sheffield's thriving leisure scene. Interest is very strong in the remaining 7,500 sq ft retail/leisure unit and we hope to make a positive announcement on that in due course.
"The flagship St Paul's Place project comprises three Grade A office buildings, providing 200,000 sq ft of accommodation with secure car parking; up to 135,000 sq ft of bars/restaurants/retail accommodation; luxury apartments; the 520-space car park; the creation of Millennium Square; and a new four-star Mercure Hotel.
Standard Life bought 1 St Paul's Place, pre-let to law firm DLA Piper, for £22.8 million two years ago and 2 St Paul's Place in Sheffield, a 70,000 sq ft state-of-the-art office block, to Standard Life for £26.6 million earlier this year.
GVA Grimley and Knight Frank in Leeds acted for CTP St James, while Charles Matthews acted for Hanson Capital. The Leeds office of HboS, meanwhile, advised CTP St James on the sale,
Mark Rawstron, Investment Partner of GVA Grimley, commented: "Despite the current credit crunch and lack of investor confidence, there are still sensible deals to be done between reputable parties with proven track records".
Friday, December 7, 2007
Thursday, December 6, 2007
分析员：云顶购朗克股权 未来一年料掀收购战
（吉隆坡讯）随着云顶（Genting）收购英国同业朗克集团(Rank Group)股权的消息获证实，分析员猜测在未来12个月内，将会掀起一场收购战。
云顶前日发出文告证实，通过独资子公司Palomino，收购伦敦上市公司朗克集团9.38％的股权。
此消息传出，朗克集团周三晚股价暴涨，攀升8.7％，进一步推高其市值至4亿2670万英镑（约29亿9880万令吉）。
侨丰投资银行分析员表示，目前仍未晓得云顶此收购行为，是否为下一步拓展计划铺路，抑或是纯粹投资。
但根据朗克集团五个交易日的股价，云顶也须耗资2亿5170万令吉收购9.38％的股权。
“我们认为，收购行动可能是为了合并朗克集团及史丹利休闲（Stanley Leisure），塑造成为当地最大赌场业者，上述两家公司将创造客观的成本及协同作用。”
益资利艾文纽报告则指出，由于朗克集团遭受赌博税上涨及公共场合禁烟的打击而发出盈利警号，因此云顶得以低价收购股权。但随着云顶的进入，当地其他业者势必掀起一场竞标赛。
“随着收购朗克集团及史丹利休闲，云顶将有潜能成为英国单一最大的赌场业者，坐拥90家赌场。我们认为这是云顶的策略行动，以成为国际性赌场业者。”
另一方面，达证券分析员对此收购行为持正面态度，并相信云顶将会继续增持朗克集团股份，届时云顶不仅能成为当地最大赌场业者，也将激励该公司的服务至在线线上投注及“宾果”（bingo）业务。
基于上述因素，分析员纷纷维持云顶的“买入”评级，侨丰投资银行及达证券的目标价格为9.16令吉及10.4令吉。
（吉隆坡讯）随着云顶（Genting）收购英国同业朗克集团(Rank Group)股权的消息获证实，分析员猜测在未来12个月内，将会掀起一场收购战。
云顶前日发出文告证实，通过独资子公司Palomino，收购伦敦上市公司朗克集团9.38％的股权。
此消息传出，朗克集团周三晚股价暴涨，攀升8.7％，进一步推高其市值至4亿2670万英镑（约29亿9880万令吉）。
侨丰投资银行分析员表示，目前仍未晓得云顶此收购行为，是否为下一步拓展计划铺路，抑或是纯粹投资。
但根据朗克集团五个交易日的股价，云顶也须耗资2亿5170万令吉收购9.38％的股权。
“我们认为，收购行动可能是为了合并朗克集团及史丹利休闲（Stanley Leisure），塑造成为当地最大赌场业者，上述两家公司将创造客观的成本及协同作用。”
益资利艾文纽报告则指出，由于朗克集团遭受赌博税上涨及公共场合禁烟的打击而发出盈利警号，因此云顶得以低价收购股权。但随着云顶的进入，当地其他业者势必掀起一场竞标赛。
“随着收购朗克集团及史丹利休闲，云顶将有潜能成为英国单一最大的赌场业者，坐拥90家赌场。我们认为这是云顶的策略行动，以成为国际性赌场业者。”
另一方面，达证券分析员对此收购行为持正面态度，并相信云顶将会继续增持朗克集团股份，届时云顶不仅能成为当地最大赌场业者，也将激励该公司的服务至在线线上投注及“宾果”（bingo）业务。
基于上述因素，分析员纷纷维持云顶的“买入”评级，侨丰投资银行及达证券的目标价格为9.16令吉及10.4令吉。
Rank Shares Climb as Malaysia's Genting Buys Stake (Update4)
(Bloomberg) -- Rank Group Plc, the U.K.'s second- largest casino and bingo company, rose in London trading after Malaysia's Genting Bhd. acquired a stake, fueling renewed takeover speculation.
The shares climbed 8.7 percent, boosting the company's market value to 426.7 million pounds ($882 million). The purchase of a 9.4 percent holding by Genting, Asia's largest publicly traded casino operator, ``makes a takeover of Rank within the next 12 months more likely,'' Evolution Securities analyst Ivor Jones said today in a note.
Genting spokesman Justin Leong declined to comment on the reasons for the purchase. The Malaysian company bought the stake to block potential rival bids, the Sunday Times said yesterday. Ladbrokes Plc and Aspers, a joint venture between Damian Aspinall and James Packer, Australia's richest man, are interested, the newspaper said, without citing anyone.
``They have always been talking about wanting to expand in the U.K.,'' said Hoe Lee Leng, an analyst at Malaysia-based RHB Research Sdn., who rates Genting's stock ``outperform''. ``The U.K. gaming market is still fairly widespread, and there are still many opportunities for growth.''
Rank shares gained 8.75 pence to 109.25 pence in London. The stock has risen 41 percent since falling to the lowest in at least 19 years on Nov. 22.
Casinos, Bingo Halls
Kuala Lumpur-based Genting held the stake as of Nov. 29, Rank said today. The holding is registered in the name of Palomino Ltd., a unit of Genting International Plc.
Genting financed the acquisition using a combination of its own cash and some of the proceeds of a rights issue that was completed in September, a statement shows. The purchase probably won't have a material effect on per-share earnings and consolidated net tangible assets for 2007, Genting said.
Rank has lost about half of its market value this year after an English smoking ban began in the summer, driving away bingo players and gamblers. The Maidenhead, England-based company has 102 U.K. bingo clubs and 33 casinos, as well as 11 Spanish bingo halls, two Belgian casinos and the Blue Square betting Web site.
Rank has been the subject of bid speculation. The Sunday Telegraph reported last month that the company rejected a bid from Harrah's Entertainment Inc. Evolution said last week that GuocoLeisure Ltd., which was previously known as BIL International Ltd., may be buying Rank shares.
Packer, Aspinall
Packer's Publishing & Broadcasting Ltd. is splitting into media and gaming arms and shares ownership of U.K. casino company Aspinall's with Damian Aspinall. The Australian inherited the company after the death of his father, Kerry Packer, in 2005.
``Rank's casino assets are likely to be more attractive to a buyer than its bingo business,'' Evolution's Jones said. Genting may close unprofitable casinos should it add Rank's venues to the Stanley Casinos it already owns, he said.
Genting became the U.K.'s largest casino owner after buying Stanley Leisure Plc last year. Closely held Gala Group is the country's biggest bingo company.
Rank said in October profit probably would miss its forecast after England's smoking ban drove away gamblers and new laws forced the removal of some electronic gaming terminals that offer higher jackpots. Without any improvement, operating profit would fall ``significantly'' this year, it said at the time.
The company is vulnerable to prohibitions on tobacco use because about half of bingo players smoke, twice the rate of Britain's general populace, according to executives.
DBCVickers Report - 06 Dec 2007
Frontline Offer price is attractive and above industry average
Story: British Telecom Global Services (BT) has proposed to acquire Frontline at a cash consideration of 24.5 cents per share. With this acquisition, BT would get (a) A footprint in nine key Asian countries with reputed customer base (2) Access to over 5,000 employees in Asia, with low wage advantage.
Point: The offer price is attractive at 6.5% premium to our previous target price of 23 cents, based on 12x FY09 earnings. We like to highlight two key points: (1) The offer price translates into FY08 PE of 16.3x, which is above the average PE of 14.5x for the Singapore IT sector; (2) It offers 29% premium to the average closing price of S$0.19 in the last week, which is higher than the 10% premium offered by VST Holdings to ECS Holdings recently.
Relevance: We recommend investors to accept the offer. We want to highlight that Silverlake Axis could be an attractive acquisition target due to its strong regional footprint across Asia & Middle East and a high margin product business of core banking solutions.
Story: British Telecom Global Services (BT) has proposed to acquire Frontline at a cash consideration of 24.5 cents per share. With this acquisition, BT would get (a) A footprint in nine key Asian countries with reputed customer base (2) Access to over 5,000 employees in Asia, with low wage advantage.
Point: The offer price is attractive at 6.5% premium to our previous target price of 23 cents, based on 12x FY09 earnings. We like to highlight two key points: (1) The offer price translates into FY08 PE of 16.3x, which is above the average PE of 14.5x for the Singapore IT sector; (2) It offers 29% premium to the average closing price of S$0.19 in the last week, which is higher than the 10% premium offered by VST Holdings to ECS Holdings recently.
Relevance: We recommend investors to accept the offer. We want to highlight that Silverlake Axis could be an attractive acquisition target due to its strong regional footprint across Asia & Middle East and a high margin product business of core banking solutions.
OCBC Report - 06 Dec 2007
Singapore REIT: Coming home to roost
Summary: The S-REIT theme in 2008 is likely to be a departure from previous years' story of acquisition growth. The climate has changed and there are many issues facing the sector. Some of these include S$ strength, inflation, higher cost of debt and equity, lack of investment-grade assets, and finally too many players in a crowed space. Against this backdrop, the past growth strategy by acquisition is probably over. Focus should thus be moderating expectations or alternatively providing new avenues for growth. We see some options available such as development projects, "share buy-back", taking over or merging with another REIT. In this uncertain climate our selection criteria is thus defensive. We prefer S-REITs positioned in the more resilient retail or commercial sector, with trading unit price at or below book value and REITs who are delivering high yield. Simplistically, we are targeting capital preservation with high distribution per unit. Finally if the worst case economic scenario does occur, we see a strong likelihood of M&A emerging in the form of merger between the smaller REITs and/or larger REITs taking over smaller ones. Our preferred REITs are thus Suntec, FCT, CCT and MMP. However for those with higher risk appetite, we are seeing value emerging from MLT and ART. (Winston Liew)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Cacola Furniture International Ltd: Direct beneficiary of booming China economy
Summary: Cacola Furniture International Ltd (Cacola) designs, manufactures and distributes home and office furniture in the PRC. It recently impressed with a 89.4% YoY surge in 3Q07 net profit on the back of a 26.0% rise in revenue. Cacola is a beneficiary of China's booming economy, as studies have estimated that the growth of home furnishings in China will outpace GDP growth by 3%-4%. It enjoys a low cost manufacturing base in Dongguan, and uses readily-available materials for its products, making it less susceptible to fluctuations in raw materials' prices. Cacola's geographical reach has multiplied since 2000, and it plans to intensify its presence in major cities by setting up of more mega stores and a new home-deco centre. Cacola is trading at an attractively low 6.1x FY07 PER despite reporting higher profit margin than its peers. We project a 24.3% increase in FY07 revenue to RMB 566.5m and a 63.4% surge in net profit to RMB122.9m. Based on 8x FY08 PER, we derive a fair value estimate of S$0.75. We initiate coverage on Cacola Furniture International Ltd with a BUY rating. (Lee Wen Ching)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
Summary: The S-REIT theme in 2008 is likely to be a departure from previous years' story of acquisition growth. The climate has changed and there are many issues facing the sector. Some of these include S$ strength, inflation, higher cost of debt and equity, lack of investment-grade assets, and finally too many players in a crowed space. Against this backdrop, the past growth strategy by acquisition is probably over. Focus should thus be moderating expectations or alternatively providing new avenues for growth. We see some options available such as development projects, "share buy-back", taking over or merging with another REIT. In this uncertain climate our selection criteria is thus defensive. We prefer S-REITs positioned in the more resilient retail or commercial sector, with trading unit price at or below book value and REITs who are delivering high yield. Simplistically, we are targeting capital preservation with high distribution per unit. Finally if the worst case economic scenario does occur, we see a strong likelihood of M&A emerging in the form of merger between the smaller REITs and/or larger REITs taking over smaller ones. Our preferred REITs are thus Suntec, FCT, CCT and MMP. However for those with higher risk appetite, we are seeing value emerging from MLT and ART. (Winston Liew)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Cacola Furniture International Ltd: Direct beneficiary of booming China economy
Summary: Cacola Furniture International Ltd (Cacola) designs, manufactures and distributes home and office furniture in the PRC. It recently impressed with a 89.4% YoY surge in 3Q07 net profit on the back of a 26.0% rise in revenue. Cacola is a beneficiary of China's booming economy, as studies have estimated that the growth of home furnishings in China will outpace GDP growth by 3%-4%. It enjoys a low cost manufacturing base in Dongguan, and uses readily-available materials for its products, making it less susceptible to fluctuations in raw materials' prices. Cacola's geographical reach has multiplied since 2000, and it plans to intensify its presence in major cities by setting up of more mega stores and a new home-deco centre. Cacola is trading at an attractively low 6.1x FY07 PER despite reporting higher profit margin than its peers. We project a 24.3% increase in FY07 revenue to RMB 566.5m and a 63.4% surge in net profit to RMB122.9m. Based on 8x FY08 PER, we derive a fair value estimate of S$0.75. We initiate coverage on Cacola Furniture International Ltd with a BUY rating. (Lee Wen Ching)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
- Frontline Technologies Corporation Ltd has been acquired by British telecom company BT Group for S$202m (at S$0.245 per share) to help strengthen its presence in Asia.
- SPH is expecting a significant boost to its profits for the next 2 years from its Sky@eleven condominium project, where all 273 units were sold out.
- Hong Fok Corporation Ltd will pay S$62.35m for a plot of state land at Claymore Hill, which it plans to combine with its International Building property to build a commercial development.
- Sky China Petroleum has secured exclusive rights to use a new extraction technology which can raise the extraction yield of a single oil well by another 5% over its current technology.
- ST Engineering's electronics arm has bagged an S$36m contract to design and install communication systems for Taipei's Songshan and Xinyi MRT lines.
- Swissco International Limited has ordered four more offshore support vessels worth S$18.5m.
- Tri-M Technologies will be consolidating its manufacturing operations in Shenzhen from two plants into one for a total cost of about S$3.7m.
Genting
KUALA LUMPUR, Dec 6 - Malaysia's RAM Ratings opines that Genting Berhad's (Genting or ''the Group'') recent acquisition of a 9.38 percent-stake in Rank Group plc # the second-biggest casino operator in Britain will not materially impair the Group's sturdy credit protection; as such, it will not have any impact on Genting's AAA corporate credit rating.
The transaction conducted through subsidiary Genting International Plc for an estimated 30 million-40 million pounds cash - is small relative to the Group's size. As at end-September 2007, Genting had RM11.21 billion of cash and liquid short-term money market instruments (mainly comprising negotiable certificates of deposits and bankers' acceptances), and remained in a net-cash position.
The transaction conducted through subsidiary Genting International Plc for an estimated 30 million-40 million pounds cash - is small relative to the Group's size. As at end-September 2007, Genting had RM11.21 billion of cash and liquid short-term money market instruments (mainly comprising negotiable certificates of deposits and bankers' acceptances), and remained in a net-cash position.
Singapore Hot Stocks
SINGAPORE, Dec 6 (Reuters) - IT firms such as Silverlake
Major U.S. stock indexes rose more than 1 percent on Wednesday, after strong economic data calmed recession fears and helped halt a two-day sell-off.
Stocks and factors to watch.
Major U.S. stock indexes rose more than 1 percent on Wednesday, after strong economic data calmed recession fears and helped halt a two-day sell-off.
Stocks and factors to watch.
- British telecoms giant BT Group said it agreed to buy Singapore IT firm Frontline Technologies for S$202 million ($140 million), as it seeks to boost its presence in Asia. While some market watchers said the move may boost stocks of IT infrastructure companies such as Silverlake Axis, CSE Global and ECS Holdings on hopes of similar acquisitions, others said the current credit market turmoil would dampen such activities. "We don't see a rush of competitors gobbling up smaller companies to expand their footprint. You've got a credit crunch right now and the cost of capital and the stock market is uncertain," said OCBC analyst Carey Wong.
- Lehman Brothers has initiated coverage of CDL Hospitality Trust with an "equal weight" rating and target price of S$2.22, K-REIT Asia at "overweight" with target of S$3.42 and Cambridge Industrial Trust at "overweight" with a price target of S$0.80.
- Conglomerate Fraser and Neave said its unit has bought a Hong Kong-based food and beverage company for US$26.4 million in cash.
- Ascendas Real Estate Investment Trust said it has bought a logistics centre for S$22.5 million ($16 million), to be funded by debt.
- Electronics distributor SNF Corp has fired its financial controller, after investigations showed that he had breached employment terms with the company.
- Japanese ship financing firm Uni-Asia Finance said it has bought a property investment firm for about $10.7 million through a share swap.
- Singapore's Straits Times Index rose 0.91 percent to 3,560.05 points on Wednesday.
- The Dow Jones Industrial Average rose 1.48 percent to end at 13,444.96. The Nasdaq Composite Index jumped 1.78 percent to 2,666.36.
Wednesday, December 5, 2007
BT - FRONTLINE
SINGAPORE, Dec 5 (Reuters) - British telecoms giant BT Group said on Wednesday it agreed to buy Singapore IT firm Frontline Technologies for S$202 million ($139.8 million), as it seeks to boost its presence in Asia.
BT has sizeable operations in Japan, South Korea and Australia, but buying Frontline will give it greater exposure to China, India, Taiwan and Southeast Asia as it looks to transform itself into a global IT services provider.
"Nothing is enough -- it's a good step," BT Asia Pacific President Allen Ma told Reuters, when asked about future acquisitions in the region.
BT will pay S$0.245 for each Frontline share, a 17 percent premium to Frontline's price on Monday before its shares were suspended. Frontline resumed trade on Wednesday, jumping 11.9 percent, against a 0.9 percent gain on the main index.
BT shares were up 0.8 percent, underperforming a 1.2 percent gain on the FTSE 100 index.
As part of the deal with BT, Frontline will buy an additional 9 percent of India's Accel Frontline to raise its stake in the Indian firm to 51 percent. Accel shares jumped 10.2 percent in Mumbai.
The purchase of Accel shares is conditional on BT acquiring 100 percent of Frontline, Ma said.
Frontline said its founder and executive chairman Steve Ting along with other shareholders, who together hold 41 percent of Frontline shares, will vote for the proposed takeover.
Frontline, which has 5,000 staff delivering complex solutions and network management services, had net profit of S$9.55 million and sales of S$200.5 million ($138.4 million) in the year to end-March.
BT is moving away from its origins as a fixed-line operator, and this week completed its purchase of the critical infrastructures division of France's CS Communication & Systems for 60 million euros ($88.53 million).
Macquarie Securities (Asia) is BT's financial adviser for the deal. Frontline was advised by PrimePartners Corporate Finance.
According to Dealogic, there have been 246 deals involving computer services firms in Asia this year, worth $2.8 billion.
英国电讯集团子公司 两亿元收购前锋科技
英国电讯集团（BT Group）子公司BT新加坡（BT Singapore) ，将以2亿零200万元收购本地上市公司前锋科技（Frontline Technologies）的全部股权，这是英国电讯集团近几年来首次收购新加坡公司。
前锋科技的每股售价为24.5分，这高出公司月平均股价33.9％，比公司本月3日暂停交易时每股21分的价格高出17％。
英国电讯亚太区总裁马锦星表示，网络、服务以及信息科技之间融合将逐渐加深，这也将为集团带来绝佳的机会，而收购前锋科技将是对英国电讯在亚太区信息技术服务的一项完善和扩充。
前锋科技主要为本地和区域的客户提供信息科技咨询、系统集成以及信息科技外包等服务，业务打入亚洲的九个市场，客户遍及电信业、金融服务、运输、制造等各行各业，并可为英国电讯集团带来约5000名高技术专业人才。
马锦星还表示，这一收购是由英国电讯率先提议的，双方可从该交易中获得巨大的协同作用，并为区域乃至全球的客户提供更为广泛的方案组合，帮助集团在亚太区取得更为迅速的增长。
前锋科技总裁林振富也表示，双方是在两个半月前深入探讨这一收购计划，而前锋科技的八位董事在过去六个星期内共开会七次，最后一致通过此项提议。
公司执行主席陈传栋也认为，双方具有高度的互补性，在业务上没有重叠。
作为全球知名的电信公司，在过去的两年半里，英国电信共收购了25家公司，这些公司在亚太区都有业务。今年二月，集团还收购印度互联网手机公司i2i Enterprise。
马锦星表示，集团将继续寻找合并机会，从而扩大集团的网络资讯服务业务，满足客户所需。
前锋科技将在新加坡除牌
英国电讯将利用内部资源进行收购。收购完成后，前锋科技将在新加坡除牌，但公司管理层的三位执行人员，包括陈传栋和林振富在内仍将继续管理公司业务。
这项收购是通过股份计划（share scheme）的方式进行，并有待得到股东同意和高等法庭的确认。
陈传栋表示，公司将在农历新年后举行特别股东大会，并需要得到多数的股东以及不少于75％的股权同意才可通过该收购。如无特别情况，交易可于明年二月或三月完成。
目前部分股东已承诺支持这项收购协议，他们共握有前锋科技41％的股权，其中新加坡港务集团（PSA）和创新科技（Creative Technology）独资子公司CTI II分别拥有5.66％和6.83％的股权。公众投资者所持股权占59％。
另外，前锋科技昨天还宣布与其子公司Accel Frontline达成有条件买卖协议，购买后者202万5810只股，相当于Accel Frontline9％的股权。这将使前锋科技在该子公司的股权从现有的42％增至51％。该投资将在前锋科技与英国电讯间交易完成后生效。
股价昨增长12％
截至昨天，前锋科技的股本达8511万元。公司共有8亿2404万普通股，其中750万为库藏股（treasury shares）。
而公司截至今年三月底的全年净利达930万元，净有形资产值为7710万元，每股盈利0.011元。截至9月底的半年净利增长31％至463万元，营收上扬18％，报1亿1059万元。
前锋科技股票昨天增长12％，闭市报23.5分。公司股票在今年猛涨了88％，超过海峡指数19％的涨幅。
澳洲最大证劵公司麦格里证券（Macquarie Securities）是这一收购的财务顾问。
BT has sizeable operations in Japan, South Korea and Australia, but buying Frontline will give it greater exposure to China, India, Taiwan and Southeast Asia as it looks to transform itself into a global IT services provider.
"Nothing is enough -- it's a good step," BT Asia Pacific President Allen Ma told Reuters, when asked about future acquisitions in the region.
BT will pay S$0.245 for each Frontline share, a 17 percent premium to Frontline's price on Monday before its shares were suspended. Frontline resumed trade on Wednesday, jumping 11.9 percent, against a 0.9 percent gain on the main index.
BT shares were up 0.8 percent, underperforming a 1.2 percent gain on the FTSE 100 index.
As part of the deal with BT, Frontline will buy an additional 9 percent of India's Accel Frontline to raise its stake in the Indian firm to 51 percent. Accel shares jumped 10.2 percent in Mumbai.
The purchase of Accel shares is conditional on BT acquiring 100 percent of Frontline, Ma said.
Frontline said its founder and executive chairman Steve Ting along with other shareholders, who together hold 41 percent of Frontline shares, will vote for the proposed takeover.
Frontline, which has 5,000 staff delivering complex solutions and network management services, had net profit of S$9.55 million and sales of S$200.5 million ($138.4 million) in the year to end-March.
BT is moving away from its origins as a fixed-line operator, and this week completed its purchase of the critical infrastructures division of France's CS Communication & Systems for 60 million euros ($88.53 million).
Macquarie Securities (Asia) is BT's financial adviser for the deal. Frontline was advised by PrimePartners Corporate Finance.
According to Dealogic, there have been 246 deals involving computer services firms in Asia this year, worth $2.8 billion.
英国电讯集团子公司 两亿元收购前锋科技
英国电讯集团（BT Group）子公司BT新加坡（BT Singapore) ，将以2亿零200万元收购本地上市公司前锋科技（Frontline Technologies）的全部股权，这是英国电讯集团近几年来首次收购新加坡公司。
前锋科技的每股售价为24.5分，这高出公司月平均股价33.9％，比公司本月3日暂停交易时每股21分的价格高出17％。
英国电讯亚太区总裁马锦星表示，网络、服务以及信息科技之间融合将逐渐加深，这也将为集团带来绝佳的机会，而收购前锋科技将是对英国电讯在亚太区信息技术服务的一项完善和扩充。
前锋科技主要为本地和区域的客户提供信息科技咨询、系统集成以及信息科技外包等服务，业务打入亚洲的九个市场，客户遍及电信业、金融服务、运输、制造等各行各业，并可为英国电讯集团带来约5000名高技术专业人才。
马锦星还表示，这一收购是由英国电讯率先提议的，双方可从该交易中获得巨大的协同作用，并为区域乃至全球的客户提供更为广泛的方案组合，帮助集团在亚太区取得更为迅速的增长。
前锋科技总裁林振富也表示，双方是在两个半月前深入探讨这一收购计划，而前锋科技的八位董事在过去六个星期内共开会七次，最后一致通过此项提议。
公司执行主席陈传栋也认为，双方具有高度的互补性，在业务上没有重叠。
作为全球知名的电信公司，在过去的两年半里，英国电信共收购了25家公司，这些公司在亚太区都有业务。今年二月，集团还收购印度互联网手机公司i2i Enterprise。
马锦星表示，集团将继续寻找合并机会，从而扩大集团的网络资讯服务业务，满足客户所需。
前锋科技将在新加坡除牌
英国电讯将利用内部资源进行收购。收购完成后，前锋科技将在新加坡除牌，但公司管理层的三位执行人员，包括陈传栋和林振富在内仍将继续管理公司业务。
这项收购是通过股份计划（share scheme）的方式进行，并有待得到股东同意和高等法庭的确认。
陈传栋表示，公司将在农历新年后举行特别股东大会，并需要得到多数的股东以及不少于75％的股权同意才可通过该收购。如无特别情况，交易可于明年二月或三月完成。
目前部分股东已承诺支持这项收购协议，他们共握有前锋科技41％的股权，其中新加坡港务集团（PSA）和创新科技（Creative Technology）独资子公司CTI II分别拥有5.66％和6.83％的股权。公众投资者所持股权占59％。
另外，前锋科技昨天还宣布与其子公司Accel Frontline达成有条件买卖协议，购买后者202万5810只股，相当于Accel Frontline9％的股权。这将使前锋科技在该子公司的股权从现有的42％增至51％。该投资将在前锋科技与英国电讯间交易完成后生效。
股价昨增长12％
截至昨天，前锋科技的股本达8511万元。公司共有8亿2404万普通股，其中750万为库藏股（treasury shares）。
而公司截至今年三月底的全年净利达930万元，净有形资产值为7710万元，每股盈利0.011元。截至9月底的半年净利增长31％至463万元，营收上扬18％，报1亿1059万元。
前锋科技股票昨天增长12％，闭市报23.5分。公司股票在今年猛涨了88％，超过海峡指数19％的涨幅。
澳洲最大证劵公司麦格里证券（Macquarie Securities）是这一收购的财务顾问。
BT - Frontline
SINGAPORE, Dec 5 (Reuters) - BT , the UK telecom giant, will buy Singapore computer services firm Frontline Technologies for S$202 million ($139.8 million), the Singapore firm said on Wednesday.
BT will pay 24.5 Singapore cents for each Frontline share, which is a premium of 34 percent over the company's average share price during the past month. (Reporting by Kevin Lim)
BT will pay 24.5 Singapore cents for each Frontline share, which is a premium of 34 percent over the company's average share price during the past month. (Reporting by Kevin Lim)
Week 49 (03 Dec 2007 - 07 Dec 2007)
Daily Share Buy-Back Notice - 03 Dec 2007
UNISTEEL TECHNOLOGY LTD (118,000)
INNOTEK LIMITED (192,000)
CHIP ENG SENG CORPORATION LTD (1,066,000)
UNITED OVERSEAS BANK LTD (70,000)
TREK 2000 INT'L LTD (319,000)
CHUAN HUP HOLDINGS LIMITED (2,109,000)
ASTI HOLDINGS LIMITED (1,300,000)
Daily Share Buy-Back Notice - 04 Dec 2007
INNOTEK LIMITED (30,000)
UNITED OVERSEAS BANK LTD (70,000)
ELEC & ELTEK INT CO LTD (18,000)
MEMTECH INTERNATIONAL LTD (220,000)
ASTI HOLDINGS LIMITED (2,274,000)
Daily Share Buy-Back Notice - 05 Dec 2007
UNITED OVERSEAS BANK LTD (70,000)
LMA INTERNATIONAL N.V. (150,000)
ASTI HOLDINGS LIMITED (1,200,000)
Daily Share Buy-Back Notice - 06 Dec 2007
LMA INTERNATIONAL N.V. (75,000)
UNITED OVERSEAS BANK LTD (50,000)
AZTECH SYSTEMS LTD (100,000)
CHUAN HUP HOLDINGS LIMITED (1,059,000)
INNOTEK LIMITED (500,000)
Daily Share Buy-Back Notice - 07 Dec 2007
INNOTEK LIMITED (100,000)
UNITED OVERSEAS BANK LTD (50,000)
AZTECH SYSTEMS LTD (100,000)
CHUAN HUP HOLDINGS LIMITED (2,200,000)
LMA INTERNATIONAL N.V. (250,000)
UNISTEEL TECHNOLOGY LTD (118,000)
INNOTEK LIMITED (192,000)
CHIP ENG SENG CORPORATION LTD (1,066,000)
UNITED OVERSEAS BANK LTD (70,000)
TREK 2000 INT'L LTD (319,000)
CHUAN HUP HOLDINGS LIMITED (2,109,000)
ASTI HOLDINGS LIMITED (1,300,000)
Daily Share Buy-Back Notice - 04 Dec 2007
INNOTEK LIMITED (30,000)
UNITED OVERSEAS BANK LTD (70,000)
ELEC & ELTEK INT CO LTD (18,000)
MEMTECH INTERNATIONAL LTD (220,000)
ASTI HOLDINGS LIMITED (2,274,000)
Daily Share Buy-Back Notice - 05 Dec 2007
UNITED OVERSEAS BANK LTD (70,000)
LMA INTERNATIONAL N.V. (150,000)
ASTI HOLDINGS LIMITED (1,200,000)
Daily Share Buy-Back Notice - 06 Dec 2007
LMA INTERNATIONAL N.V. (75,000)
UNITED OVERSEAS BANK LTD (50,000)
AZTECH SYSTEMS LTD (100,000)
CHUAN HUP HOLDINGS LIMITED (1,059,000)
INNOTEK LIMITED (500,000)
Daily Share Buy-Back Notice - 07 Dec 2007
INNOTEK LIMITED (100,000)
UNITED OVERSEAS BANK LTD (50,000)
AZTECH SYSTEMS LTD (100,000)
CHUAN HUP HOLDINGS LIMITED (2,200,000)
LMA INTERNATIONAL N.V. (250,000)
Genting moves to quell Rank concerns
By Roger Blitz, Leisure Industries Correspondent
Published: December 4 2007 02:00 Last updated: December 4 2007 02:00
Genting, the Malaysia-based owner of Stanley Leisure casinos, has made contact with Rank about its 9.4 per cent investment in the UK casino and bingo operator, claiming that its intentions are entirely "friendly", people close to the situation said yesterday.
Rank shares rose 8¾p to 109¼p yesterday as analysts predicted the stakebuilding heralded a possible bid for the struggling group.
Genting's holding in the group has risen from an initial stake of just under 3 per cent to its current level in one share transaction.
It follows an offer to Rank from Harrah's, the US operator that owns London Clubs International, to hand over its LCI casinos in return for a 28 per cent stake in the group. Rank rejected Harrah's approach.
Genting, which suffered a third-quarter loss because of writedowns at Stanley Leisure incurred from a hefty increase in casino tax, declined to comment on its position in Rank.
But one person close to the situation said contact with Rank was made from the Malaysian group, although little information was provided.
"The intention was to be friendly," the person said.
Rank insiders said management was expected to inform shareholders that it would request a meeting with Genting "at some point".
Insiders believe Genting is more interested in a strategic position in Rank rather than building a platform for a possible approach.
"An outright bid would be low down the list of potential outcomes," one Rank insider predicted.
Genting had in the past built up stakes in Stanley Leisure and LCI as a defensive strategy, but was effectively forced into an outright purchase of Stanley Leisure when Harrah's offered a knock-out bid to LCI's previous management.
By Roger Blitz, Leisure Industries Correspondent
Published: December 4 2007 02:00 Last updated: December 4 2007 02:00
Genting, the Malaysia-based owner of Stanley Leisure casinos, has made contact with Rank about its 9.4 per cent investment in the UK casino and bingo operator, claiming that its intentions are entirely "friendly", people close to the situation said yesterday.
Rank shares rose 8¾p to 109¼p yesterday as analysts predicted the stakebuilding heralded a possible bid for the struggling group.
Genting's holding in the group has risen from an initial stake of just under 3 per cent to its current level in one share transaction.
It follows an offer to Rank from Harrah's, the US operator that owns London Clubs International, to hand over its LCI casinos in return for a 28 per cent stake in the group. Rank rejected Harrah's approach.
Genting, which suffered a third-quarter loss because of writedowns at Stanley Leisure incurred from a hefty increase in casino tax, declined to comment on its position in Rank.
But one person close to the situation said contact with Rank was made from the Malaysian group, although little information was provided.
"The intention was to be friendly," the person said.
Rank insiders said management was expected to inform shareholders that it would request a meeting with Genting "at some point".
Insiders believe Genting is more interested in a strategic position in Rank rather than building a platform for a possible approach.
"An outright bid would be low down the list of potential outcomes," one Rank insider predicted.
Genting had in the past built up stakes in Stanley Leisure and LCI as a defensive strategy, but was effectively forced into an outright purchase of Stanley Leisure when Harrah's offered a knock-out bid to LCI's previous management.
DBSVickers Report - 05 Dec 2007
Ezra Holding Going deeper
Story: We visited Ezra last week. With its well diversified fleet, Ezra is a beneficiary across various segments of the oil and gas chain. More importantly, it is well positioned to support the expected higher level of E&P activities in deeper waters.
Point: Ezra has a strong growth profile going forward, underpinned by eight vessel deliveries in FY08, three in FY09 and a further four in FY10 and rising rates especially for vessels with deepwater capabilities.
Relevance: Ezra’s growth is well mapped out till 2010. We expect net earnings to rise 70% in FY08 and 76% in FY09. Ezra will also recognize an exceptional gain of around S$200m arising from the disposal of 39% in EOC (to 48.9%) following its listing on the Oslo Bors. Saigon Shipyard is expected to be fully operational by 2009, which should pave the way for more fabrication, installation and commissioning projects. Maintain Buy with a target price of S$4.00 based on 15x chartering and 20x for EOC on FY09 earnings.
Story: We visited Ezra last week. With its well diversified fleet, Ezra is a beneficiary across various segments of the oil and gas chain. More importantly, it is well positioned to support the expected higher level of E&P activities in deeper waters.
Point: Ezra has a strong growth profile going forward, underpinned by eight vessel deliveries in FY08, three in FY09 and a further four in FY10 and rising rates especially for vessels with deepwater capabilities.
Relevance: Ezra’s growth is well mapped out till 2010. We expect net earnings to rise 70% in FY08 and 76% in FY09. Ezra will also recognize an exceptional gain of around S$200m arising from the disposal of 39% in EOC (to 48.9%) following its listing on the Oslo Bors. Saigon Shipyard is expected to be fully operational by 2009, which should pave the way for more fabrication, installation and commissioning projects. Maintain Buy with a target price of S$4.00 based on 15x chartering and 20x for EOC on FY09 earnings.
OCBC Report - 05 Dec 2007
Technology Sector: Volatile 2008 but offers value propositions
Summary: Technology stocks in 2008 are unlikely to be immune from the ongoing turmoil in the global equity markets. But considering that most did not actually enjoy any of the heady rises in 2007, the potential downside risk is actually lower. No doubt the overall consumer spending in the US is widely expected to slow down in 2008, but the level of spending on electronic gadgets may turn out to be fairly resilient. We remain most positive on the HDD (Hard Disk Drive) sector, where we think demand will be driven by the proliferation of digital media files, both in number as well as size. However, we are not as positive on the semiconductor sector, but we believe service providers like Micro-Mechanics should still do relatively well. And to capitalize on China's still-strong electronic boom, we would recommend component distributors like Karin Technology, WesTech and Willas-Array, and capital equipment maker Bright World Precision Machinery. Separately, we also see Silverlake Axis Limited as a potential beneficiary of China's move to upgrade its financial system. We continue to like Venture Corp and believe that its strong management and diversification into industrial and medical devices should allow it ride out the storm relatively intact. (Carey Wong)
For more information on the above, visit www.ocbcresearch.com for the detailed report.
NEWS HEADLINES
Summary: Technology stocks in 2008 are unlikely to be immune from the ongoing turmoil in the global equity markets. But considering that most did not actually enjoy any of the heady rises in 2007, the potential downside risk is actually lower. No doubt the overall consumer spending in the US is widely expected to slow down in 2008, but the level of spending on electronic gadgets may turn out to be fairly resilient. We remain most positive on the HDD (Hard Disk Drive) sector, where we think demand will be driven by the proliferation of digital media files, both in number as well as size. However, we are not as positive on the semiconductor sector, but we believe service providers like Micro-Mechanics should still do relatively well. And to capitalize on China's still-strong electronic boom, we would recommend component distributors like Karin Technology, WesTech and Willas-Array, and capital equipment maker Bright World Precision Machinery. Separately, we also see Silverlake Axis Limited as a potential beneficiary of China's move to upgrade its financial system. We continue to like Venture Corp and believe that its strong management and diversification into industrial and medical devices should allow it ride out the storm relatively intact. (Carey Wong)
For more information on the above, visit www.ocbcresearch.com for the detailed report.
NEWS HEADLINES
- CapitaLand Limited could double the number of homes it is constructing in Vietnam to about 6,000 units in the next three years and expand beyond its residential businesses there to include offices, retail, and integrated leisure, entertainment and conventions developments. Additionally, it is exploring the creation of a development fund worth US$300m to invest in properties there.
- Goodpack Limited aims to grow by developing its presence in new and existing markets, expanding its stock of intermediate bulk containers to 2.5m by 2010 and boosting its market share in the synthetic rubber sector.
- Osim International Ltd is strengthening its presence in the South Korean market by partnering with LG International Corporation to market and sell its healthy lifestyle products at LG's stores.
- Best Way International Ltd will pay S$3.9m to acquire a 51% stake in Nanjing Joymain Sci and Tech Development Co - a Chinese direct-selling business to strengthen its foothold in the Chinese direct-selling market for health and lifestyle products.
- Startech Electronics Ltd is proposing a rights issue of warrants to raise net proceeds of between S$3.8m and S$4.99m to finance the expansion of its fashion business in China.
- Singapore Telecommunications Ltd and Singapore Exchange Limited have launched a high-speed service for financial institutions with direct connectivity to SGX derivatives and data platforms.
CIMB Report - 05 Dec 2007
What’s on the table
Best World International (S$0.90) - Greater access to China Best World plans to acquire a 51% stake in Joymain, which has a direct selling licence in Jiangsu. Consideration of the acquisition is Rmb51m, of which Rmb31m will be offset by the injection of BWL Shanghai and BWL Hunan into the restructured Joymain. The partnership will allow Best World to start direct selling in Jiangsu and penetrate the local market using Joymain’s established brand name. We have lowered our FY07-09 EPS estimates to account for start-up costs related to the China expansion. As we approach end-2007, we have also rolled forward our valuation from 13.6x CY08 P/E (set at a 20% discount to STI target) to 11x CY09 P/E. Our new multiple is now pegged at a 20% discount to the average valuation for bigger direct selling peers, now that Best is competing more closely with these peers in China. Maintain Outperform, target price: S$1.22. Watch out for more acquisitions in China.
News of the Day
Best World International (S$0.90) - Greater access to China Best World plans to acquire a 51% stake in Joymain, which has a direct selling licence in Jiangsu. Consideration of the acquisition is Rmb51m, of which Rmb31m will be offset by the injection of BWL Shanghai and BWL Hunan into the restructured Joymain. The partnership will allow Best World to start direct selling in Jiangsu and penetrate the local market using Joymain’s established brand name. We have lowered our FY07-09 EPS estimates to account for start-up costs related to the China expansion. As we approach end-2007, we have also rolled forward our valuation from 13.6x CY08 P/E (set at a 20% discount to STI target) to 11x CY09 P/E. Our new multiple is now pegged at a 20% discount to the average valuation for bigger direct selling peers, now that Best is competing more closely with these peers in China. Maintain Outperform, target price: S$1.22. Watch out for more acquisitions in China.
News of the Day
- PMI expands for sixth consecutive month
- Government sees potential in Rochor area remake
- China Sunsine completes client list of global top 10 tyre manufacturers
- City Developments' South Beach project to cost $2.5bn
- ComfortDelgro to raise taxi fares
- Startech raising fund through warrants issue for China fashion business
- LG to sell OSIM products at its stores in South Korea
- Goodpack expands container stock
- CapitaLand to expand into offices in Vietnam
- SingTel and SGX launch high speed service for financial institutions
- BBR wins $189.6m contract from URA
Sky City suitor not ready to make offer
Wednesday, 05 December 2007
Casino operator Sky City has revealed that only one party is currently interested in making a takeover bid, and it is not ready yet.
The group confirmed no other offers for the company were anticipated "at this stage".
The interested party has told Sky City that it has effectively completed due diligence and continues to be "highly interested in pursuing a transaction," but is not in a position to put an offer on the table yet.
It was not able to meet Sky City's timeframe but remained "highly optimistic of securing suitable financing in the very near term," Sky City said, quoting a letter from the party.
It hoped to be able to provide a "compelling offer" as soon as possible.
Sky City shares were down 21c to $4.74 just before 4pm.
In the meantime, the casino operator said it was focussed on its strategic plan, including the appointment of a chief executive officer.
The strategy includes revenue generation and cost cutting initiatives.
Further developments related to the financing arrangements by a potential acquirer and Sky City was not involved, "so can give no indications or undertakings as to timings or outcomes of those processes".
Wednesday, 05 December 2007
Casino operator Sky City has revealed that only one party is currently interested in making a takeover bid, and it is not ready yet.
The group confirmed no other offers for the company were anticipated "at this stage".
The interested party has told Sky City that it has effectively completed due diligence and continues to be "highly interested in pursuing a transaction," but is not in a position to put an offer on the table yet.
It was not able to meet Sky City's timeframe but remained "highly optimistic of securing suitable financing in the very near term," Sky City said, quoting a letter from the party.
It hoped to be able to provide a "compelling offer" as soon as possible.
Sky City shares were down 21c to $4.74 just before 4pm.
In the meantime, the casino operator said it was focussed on its strategic plan, including the appointment of a chief executive officer.
The strategy includes revenue generation and cost cutting initiatives.
Further developments related to the financing arrangements by a potential acquirer and Sky City was not involved, "so can give no indications or undertakings as to timings or outcomes of those processes".
Tuesday, December 4, 2007
UNITED Engineers
UNITED Engineers (UE) has won a new project at Changi Business Park with an estimated development cost of $280 million.
The company said yesterday that its wholly owned subsidiary, United Engineers Developments Pte Ltd (UED), has been awardedthe Built-to-Suit project by the Jurong Town Corporation (JTC).
The project involves UED undertaking a development to be named the Global Centre for Information and Communication (Centric Singapore).
This will comprise four maincomponents: a business centre to house 200 IT companies; an IT training hub comprising exhibition and convention halls, an auditorium and seminar rooms; a business hotel with 200-300 rooms; and office and retail space.
The development is part ofJTC's master plan to build the Changi Business Park into an active urban development with two separate activity hubs linked by an attractive green garden environment with kiosks, sculptures and performing venues, UE said.
Centric Singapore willbe sited on a land area of 29,000 square metres with an expected built-up gross floor area of 72,500 sq m.
Centric Management AG, Switzerland, an ICT hub specialist, will be the anchor tenant for the business park space.
'With anunbeatable location at the Changi Business Park at the interchange of the existing Expo MRT station and the new MRT station to be built under the future Eastern Region Line, the project is sited at an extremely attractive catchment area, and is ideallypositioned to become an Information and Communication Technology (ICT) hub,' UE said.
Construction is slated to commence in 2008, and targeted for completion in 2011.
The company said yesterday that its wholly owned subsidiary, United Engineers Developments Pte Ltd (UED), has been awardedthe Built-to-Suit project by the Jurong Town Corporation (JTC).
The project involves UED undertaking a development to be named the Global Centre for Information and Communication (Centric Singapore).
This will comprise four maincomponents: a business centre to house 200 IT companies; an IT training hub comprising exhibition and convention halls, an auditorium and seminar rooms; a business hotel with 200-300 rooms; and office and retail space.
The development is part ofJTC's master plan to build the Changi Business Park into an active urban development with two separate activity hubs linked by an attractive green garden environment with kiosks, sculptures and performing venues, UE said.
Centric Singapore willbe sited on a land area of 29,000 square metres with an expected built-up gross floor area of 72,500 sq m.
Centric Management AG, Switzerland, an ICT hub specialist, will be the anchor tenant for the business park space.
'With anunbeatable location at the Changi Business Park at the interchange of the existing Expo MRT station and the new MRT station to be built under the future Eastern Region Line, the project is sited at an extremely attractive catchment area, and is ideallypositioned to become an Information and Communication Technology (ICT) hub,' UE said.
Construction is slated to commence in 2008, and targeted for completion in 2011.
BBR Holdings - AWARD OF CONTRACT
BBR Holdings (S) Ltd (the “Company”) wishes to announce that Singapore Piling & Civil Engineering Private Limited, a wholly-owned subsidiary of the Company, has been awarded a contract by the Urban Redevelopment Authority for the construction of the proposed common services tunnel (CST) phase 3A at downtown core (Contract No. URA000/CS/0711). The contract sum is S$189,600,000.00 and the contract duration is 40 months, commencing on 7 December 2007 and expected to complete on 6 September 2010.There is no material impact on the earnings per share or net tangible asset per share of the Company for the current financial year ending 31 December 2007.
BBR获市建局1亿8960万元合同
BBR控股全资子公司Singapore Piling & Civil Engineering，获得市区重建局（URA）的一项价值1亿8960万元的合同。
公司将负责修建位于市区核心地区的共用服务设施隧道(Common Service Tunnel)第三A阶段工程。
有关工程将持续40个月，自本月7日开始，预计在2010年9月6日完成。
BBR控股市值约为8500万元，这一交易预计将不会对公司2007财年的每股净利和净有形资产值产生实质影响。
BBR获市建局1亿8960万元合同
BBR控股全资子公司Singapore Piling & Civil Engineering，获得市区重建局（URA）的一项价值1亿8960万元的合同。
公司将负责修建位于市区核心地区的共用服务设施隧道(Common Service Tunnel)第三A阶段工程。
有关工程将持续40个月，自本月7日开始，预计在2010年9月6日完成。
BBR控股市值约为8500万元，这一交易预计将不会对公司2007财年的每股净利和净有形资产值产生实质影响。
Dubai World to sell US, UK property and buy in Asia
SINGAPORE, Dec 4 (Reuters) - Dubai World, the investment holding firm of the Dubai government, plans to sell some of its properties in London and New York next year and redeploy some of that capital to real estate in Asia.
The group, which has about $20 billion in real estate assets around the world outside of Dubai, wants to rebalance its portfolio to better weather the global effects of the U.S. subprime crisis, a top executive told Reuters on Tuesday.
"Currently, we are slightly too heavily weighted in the States and in Europe. We want to balance the portfolio slightly more towards Asia," Yu Lai Boon, the group's chief investment officer, said on the sidelines of a briefing in Singapore.
Yu said Asia was "slightly more robust" in terms of withstanding a weakening in global property sentiment.
Dubai World, which has a multi-billion global portfolio that ranges from British port operator P&O to New York luxury retailer Barneys, owns office buildings such as 280 Park Avenue in New York and London's One Trafalgar Square.
"Prices in New York and London haven't fallen and there are still investors interested in the prime properties we own," Yu said.
"I'm not proactively looking for a buyer but if someone comes knocking, I'd be more than willing to entertain them," he added.
Dubai World has teamed up with Singapore developer City Developments and Israeli property firm Elad Group to invest in a retail and hotel complex in downtown Singapore costing up to S$2.5 billion ($1.7 billion).
Yu said Dubai World was also in talks with Chinese officials for possible investments in China but declined to give more details.
Dubai World is merging its two subsidiaries Nakheel and Istithmar Real Estate into a single unit to spearhead its global property investment.
The group, which also has stakes in Thai developer Raimon Land and U.S. casino firm MGM Mirage, is set raise $300 million with its first listed property trust by June next year.
The real estate investment trust (REIT), to be based on Dubai World's residential properties in the United Arab Emirates, will be listed in Dubai and have a secondary listing in either London or Singapore.
Dubai World is also looking to launch a 500-600 dirham ($136-163 million) infrastructure fund next year.
迪拜世界计划出售英美部分房地产 同时将增加在亚洲投资
（新加坡路透电）迪拜政府旗下投资公司迪拜世界(Dubai World)计划明年出售它在伦敦和纽约的一些房地产，并增加在亚洲的投资。
该机构负责投资的主管余乃文在新加坡新闻发布会期间对路透社表示：“目前我们在美国和欧洲的投资过多，我们希望通过对亚洲投资来平衡投资组合。”
他也说，在新加坡的投资总额目前已经达到60亿美元，包括船运业和房地产项目。
迪拜世界投资组合的范围从英国的港口营运商P&O到纽约高档品牌零售联锁店Barneys，除迪拜外，在全球拥有大约200亿美元(288亿新元)的房地产资产。
迪拜世界通过其子公司纳赫勒(Nakheel)和Istithmar投资，还拥有泰国发展商Raimon Land和拉斯维加斯娱乐集团美高梅(MGM Mirage)的股份。
The group, which has about $20 billion in real estate assets around the world outside of Dubai, wants to rebalance its portfolio to better weather the global effects of the U.S. subprime crisis, a top executive told Reuters on Tuesday.
"Currently, we are slightly too heavily weighted in the States and in Europe. We want to balance the portfolio slightly more towards Asia," Yu Lai Boon, the group's chief investment officer, said on the sidelines of a briefing in Singapore.
Yu said Asia was "slightly more robust" in terms of withstanding a weakening in global property sentiment.
Dubai World, which has a multi-billion global portfolio that ranges from British port operator P&O to New York luxury retailer Barneys, owns office buildings such as 280 Park Avenue in New York and London's One Trafalgar Square.
"Prices in New York and London haven't fallen and there are still investors interested in the prime properties we own," Yu said.
"I'm not proactively looking for a buyer but if someone comes knocking, I'd be more than willing to entertain them," he added.
Dubai World has teamed up with Singapore developer City Developments and Israeli property firm Elad Group to invest in a retail and hotel complex in downtown Singapore costing up to S$2.5 billion ($1.7 billion).
Yu said Dubai World was also in talks with Chinese officials for possible investments in China but declined to give more details.
Dubai World is merging its two subsidiaries Nakheel and Istithmar Real Estate into a single unit to spearhead its global property investment.
The group, which also has stakes in Thai developer Raimon Land and U.S. casino firm MGM Mirage, is set raise $300 million with its first listed property trust by June next year.
The real estate investment trust (REIT), to be based on Dubai World's residential properties in the United Arab Emirates, will be listed in Dubai and have a secondary listing in either London or Singapore.
Dubai World is also looking to launch a 500-600 dirham ($136-163 million) infrastructure fund next year.
迪拜世界计划出售英美部分房地产 同时将增加在亚洲投资
（新加坡路透电）迪拜政府旗下投资公司迪拜世界(Dubai World)计划明年出售它在伦敦和纽约的一些房地产，并增加在亚洲的投资。
该机构负责投资的主管余乃文在新加坡新闻发布会期间对路透社表示：“目前我们在美国和欧洲的投资过多，我们希望通过对亚洲投资来平衡投资组合。”
他也说，在新加坡的投资总额目前已经达到60亿美元，包括船运业和房地产项目。
迪拜世界投资组合的范围从英国的港口营运商P&O到纽约高档品牌零售联锁店Barneys，除迪拜外，在全球拥有大约200亿美元(288亿新元)的房地产资产。
迪拜世界通过其子公司纳赫勒(Nakheel)和Istithmar投资，还拥有泰国发展商Raimon Land和拉斯维加斯娱乐集团美高梅(MGM Mirage)的股份。
DBSVickers Report - 04 Dec 2007
See Hup Seng Limited Post conference takeaways
Story: See Hup Seng’s earnings are set to grow strongly in 4Q07. The outlook for 2008 remains strong, underpinned by Keppel Corp’s strong order book of S$13-14bn, capacity expansion that will come onstream by 1Q08, and the continuing strong outlook for the offshore, marine and construction sectors.
Point: The market was largely disappointed with the weak showing in 3Q that was caused by delays on tank coating jobs. We expect a strong showing for the tank coating segment in 4Q, underpinned by one project that has since been completed and WIP on a further three projects.
Relevance: The share price has shed 30% since SHS released results on 6 November. We believe that the current weakness is a buying opportunity as SHS is a beneficiary of the strong demand for FPSOs and offshore equipment as well as construction steel. We are rolling over our valuation using FY09 earnings, but using a lower 16x multiple. Maintain Buy with an unchanged TP of S$1.18.
Story: See Hup Seng’s earnings are set to grow strongly in 4Q07. The outlook for 2008 remains strong, underpinned by Keppel Corp’s strong order book of S$13-14bn, capacity expansion that will come onstream by 1Q08, and the continuing strong outlook for the offshore, marine and construction sectors.
Point: The market was largely disappointed with the weak showing in 3Q that was caused by delays on tank coating jobs. We expect a strong showing for the tank coating segment in 4Q, underpinned by one project that has since been completed and WIP on a further three projects.
Relevance: The share price has shed 30% since SHS released results on 6 November. We believe that the current weakness is a buying opportunity as SHS is a beneficiary of the strong demand for FPSOs and offshore equipment as well as construction steel. We are rolling over our valuation using FY09 earnings, but using a lower 16x multiple. Maintain Buy with an unchanged TP of S$1.18.
Subscribe to:
Posts (Atom)
