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Headliners (GP Hotels, Bumitama, MapletreeLog, SeeHS)
Headliners | 30 March 2012
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By: Andy Chor
Articles (7) Profile

Global Premium Set For SGX Listing
Global Premium Hotels, the hospitality arm of property company Fragrance Group, is set to list on the Singapore Exchange after having lodged its preliminary prospectus with the Monetary Authority of Singapore. The group operates 23 economy- and mid-tier segment hotels in the Republic, with 22 hotels parked under the ‘Fragrance’ brand and 1 under the ‘Parc Sovereign’ brand, comprising a total of 1,738 rooms. As at 31 Oct-11, the market value of 22 of its hotels stood at $747.6m. On the listing, shares will be offered to institutional and retail investors as well as to the public. The group plans to use part of the gross proceeds for expansion and working capital purposes, specifically to increase the number of hotel properties and to refurbish its existing hotels.

BumiAgri Files Preliminary Prospectus, Readies For IPO
Bumitama Agri (BumiAgri), an Indonesian palm oil company, has filed a preliminary prospectus as it readies for an initial public offering (IPO) in Singapore. Earlier plans for the IPO were shelved in June last year, only for it to resurface and take place in the second quarter of this year. About 298m of shares will be on offer, with 125m or 42% to be subscribed by cornerstone investors – Asdew Acquisitions, Hwang Investment Management, Value Partners Hong Kong and Wii (a wholly owned subsidiary of Wilmar International) will each subscribe to more than 5% of the offering. The proceeds raised will be used for the development of some 13,000ha of uncultivated land banks and plantations per year, for the next 4 years, with a small percentage to be used as repayment of shareholder loans. The indicative price range of BumiAgri’s shares is expected to be between $0.675 and $0.745 per share, translating into estimated proceeds of between $201m to $222m.

MLT Adding 2 Korean Cold Storage Warehouses To Portfolio
Mapletree Logistics Trust (MLT) is adding 2 South Korean cold storage warehouses to its portfolio, marking a maiden entry into the nation’s growing cold storage warehouse market. The 2 warehouses located in Gyeonggi-do have a combined gross floor area of 38,800 sqm and will cost a total of $71.3m. They consist of Jungbu Cold Warehouse ($37.6m) and Dooil Cold Warehouse ($33.7m). Based on the purchase prices, Jungbu is expected to generate an initial net property income yield of 9.5%, while Dooil is expected to generate a 9.9% yield. This compares favourably to the 8.2% implied property yield from the trust’s existing South Korean portfolio of dry warehouses. Both properties will be leased back to their respective vendors under a 10-year term, with a built-in rental escalation of 3% per annum.

See Hup Seng To Take Minority Stake In Energy Drilling
See Hup Seng, a provider of corrosion prevention services, will be taking a minority stake in Energy Drilling for US$10m. The company entered into a binding term sheet with Energy Drilling, Energy Ventures IV LP, and Global Capital for the proposed investment. The fund injection will enable Energy Drilling to meet its capital requirement under a construction contract for 2 tender rigs and for setting up a professional operating organisation for the construction management, marketing and operations management of the rigs. The investment amount will be fully satisfied in cash, and will be funded partly from internal resources and the remaining from borrowings. With the stake, the company will be able to partake in the high value-adding offshore drilling market within the oil & gas industry.

Fragrance Group  0.125 +0.001 +0.81%   
Business: Co operates as a property developer in Singapore and Australia. [FY17 Turnover] Property development (84.2%), Hotel Operations (7.6%), Commercial Investment (7.4%), Hospitality investment (0.8%).

Insight: Feb-19, FY18 turnover increased 64.7% mainly due t... Read More
Mapletree Logistics Trust  1.700 +0.030 +1.80%   
Business: Real Estate Invs Trust. Invs in logistics ppties. [FY19 Geographical] S'pore (36.2%), HK (24.7%), Japan (13.4%), Australia (8.1%), S.Korea (6.3%), China (5.8%), Malaysia (3.8%), Vietnam (1.7%).

Insight: Apr-19, FY19 revenue rose 15% due to higher revenu... Read More
SHS Hldgs  0.167 -- --   
Business: Co provides grit blasting, tank cleaning, painting, ship repair, ship building, & scaffolding services. [FY18 Turnover] Engineering & Construction (52.1%), corrosion prevention (31.7%), solar energy (14.6%), others (1.6%).

Insight: May-19, 1Q19 revenue fell 65.4% to $4.6m due to lo... Read More

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