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Headliners (Raffles Medical Group, Rex International Holding, Courts Asia, Forterra Real Estate)
Headliners | 26 July 2013
By:

BY: Wilfred Ng

Raffles Medical 2Q13 Net Profit Up 15.9%
Raffles Medical Group posted a net profit of $14.4m for its second quarter ended 30 Jun-13, up 15.9% y-o-y. The group recorded revenue of $86.8m, an increase of 12.9% from $76.9m a year ago, driven primarily by the increase in turnover from its hospital services and healthcare services business segments, which grew 16.8% and 6.8% y-o-y respectively. Earnings per share rose to $0.0263 for 2Q13, up from $0.0231 a year earlier. Peering ahead, the group said the stronger performance experienced in the first half of the year should carry though into 2H13, thanks to continuing growth in corporate sales (new corporate clientele in the hospitality and education sectors) and with 3 new branches opening in major suburban population regions.

Rex To Raise $85.3m From Catalist IPO
Rex International Holding, an exploration and production player, launched its initial public offering (IPO) on 22 Jul-13 with a public offer of 2.5m shares at $0.50 per share. Including over-allotment, the company expects to place out 168m shares and raise proceeds up to $85.3m. Debt free barring for a $2.4m loan from a controlling shareholder, Rex will use most of the net IPO proceeds for active drilling programmes in the Middle East and Norway, as well as direct investments in new oil and gas opportunities and general working capital. Rex’s business is modeled to reduce its exposure to the expensive and time-consuming costs spanning from the acquisition of licences to exploration and development of oil wells. The Swedish oil and gas group essentially partakes in ventures with already secured exploration and production licences through utilisation of its leading-edge technology in exchange for an equity stake. It recently started 80-well onshore drilling in the US, while in Norway it will drill 3 to 5 new offshore exploration wells as well as grow its licence portfolio.

Courts Asia To Build 2 Megastore In Indonesia
Courts Asia has signed a memorandum of understanding (MOU) with Indonesia conglomerate, Sinar Mas Land, to build 2 “big-box” stores in Indonesia with build-to-suit concept. The 2 megastores will be located at Bekasi, located east of Jakarta, and Sinar Mas Land’s major project, BSD City, which is located southwest of Jakarta. The 2 big-box stores have a lease for a period of 28 and 30 years respectively. The Bekasi site is expected to be ready 12 months from the date of appointment of contractor, within 2014. Followed by the BSD City site 6 months after the completion of Bekasi megastore. The MOU will lay down the framework for the group to partner with Sinar Mas Land to build additional stores in the future on the same terms, when suitable sites are identified. “This build and leaseback arrangement that we have with Sinar Mas Land is very much in line with our asset-light approach, allowing us to focus on our core expertise in retail and credit operations,” cited Courts Asia’s executive director and group CEO, Terence Donald O’Connor. Courts Asia recognises Indonesia as a market well-suited for its big-box strategy and a key growth driver for the group in the next few years. In addition, the 2 big-box megastores in Indonesia will increase Courts Asia’s existing retail store presence by 20% when they open.

Forterra Trust Gets New Largest Unitholder
Richard Barrett, a director of Forterra Real Estate (FRE), beneficial owner of Oriental Management Services (OMS) has entered into a conditional agreement with subsidiaries of Nan Fung, involving the sale of 30% of Forterra Trust and 100% of OMS. Nan Fung will buy from Richard Barrett, Rory Williams and John Ronan, representing a 26.9% stake for $203.4m. Followed by a put-and-call option agreement, for the sale of an equivalent amount of shares to 3.1% of Forterra Trust to Nan Fung, for $23.3m. Richard Barrett, being the beneficial owner of OMS, will sell the entire ownership to Nan Fung for €17.5m ($23m). The completion of all the agreements will make Nan Fung the single largest unitholder in Forterra Trust.


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