F&N to return S$607m to shareholders
Conglomerate Fraser and Neave (F&N) is
proposing to return S$607 million to shareholders, or 42 Singapore cents
a share, via a capital reduction exercise.
The exercise will not result in a cancellation or change in the number of shares, F&N said.
F&N, one of Singapore's oldest conglomerates, is spinning off its property business into Frasers Centrepoint Limited and will be left with a food and beverage, publishing and printing business.
The capital reduction comes after management reviewed the capital structure and leverage position of the company and decided that capital is more than what is needed for an efficient capital structure, F&N said.
The exercise will not result in a cancellation or change in the number of shares, F&N said.
F&N, one of Singapore's oldest conglomerates, is spinning off its property business into Frasers Centrepoint Limited and will be left with a food and beverage, publishing and printing business.
The capital reduction comes after management reviewed the capital structure and leverage position of the company and decided that capital is more than what is needed for an efficient capital structure, F&N said.
Changi awards S$985m T4 construction deal
to Takenaka
CHANGI Airport Group (CAG) announced on Thursday
that it has awarded a S$985-million contract to Takenaka Corporation for
the construction of Changi Airport's Terminal 4 (T4).
The award follows a tender which saw five companies submitting proposals.
CAG said Takenaka Corporation is a reputable and well-established contractor with a strong track record in the construction of several airports in Japan, the Middle East, Africa and Asia, including Changi Airport's Terminal 1.
The company was also involved in the upgrading of Changi Airport's Terminal 2 (2006) and more recently, the upgrading of Terminal 1 (2012).
The award follows a tender which saw five companies submitting proposals.
CAG said Takenaka Corporation is a reputable and well-established contractor with a strong track record in the construction of several airports in Japan, the Middle East, Africa and Asia, including Changi Airport's Terminal 1.
The company was also involved in the upgrading of Changi Airport's Terminal 2 (2006) and more recently, the upgrading of Terminal 1 (2012).
Banks urged to manage liquidity better
[BEIJING] Chinese banks must better manage
liquidity risks as funding costs climb amid a government drive to liberalise
interest rates, Wang Yongli, a vice-president at the Bank of China, one
of the country's biggest lenders, said on Wednesday.
China's interbank cash crunch eased further on Wednesday as corporate tax refunds deposited with commercial banks helped ease liquidity conditions, following central bank cash injections. "Chinese banks are in urgent need of improving their ability of liquidity management, which is particularly more complicated than handling other risks. But for a long time, Chinese banks have been weak in this," Mr Wang told a briefing.
Chinese banks lack sound liquidity management as they have been focusing on boosting market share and profits, he said.
The inefficient use of credit in China and a maturity mismatch in banks' assets and liabilities has also exacerbated short-term liquidity pressure in the money market, Mr Wang said.
China's interbank cash crunch eased further on Wednesday as corporate tax refunds deposited with commercial banks helped ease liquidity conditions, following central bank cash injections. "Chinese banks are in urgent need of improving their ability of liquidity management, which is particularly more complicated than handling other risks. But for a long time, Chinese banks have been weak in this," Mr Wang told a briefing.
Chinese banks lack sound liquidity management as they have been focusing on boosting market share and profits, he said.
The inefficient use of credit in China and a maturity mismatch in banks' assets and liabilities has also exacerbated short-term liquidity pressure in the money market, Mr Wang said.
Singapore's Hao Yuan Investment to lead
US$2.4b development in Iskandar Waterfront
KUALA LUMPUR] Singapore-based property developer
Hao Yuan Investment Pte Ltd will lead an RM8 billion (US$2.43 billion)
development in Malaysia's Iskandar Waterfront after acquiring a 36.8-acre
parcel of land there for RM1.6 billion.
Hao Yuan plans to build the tallest tower in peninsular Malaysia, along with "several high-end residential, commercial and retail properties" over eight years, it said on Thursday in a press release. The project will be owned by Hao Yuan and Iskandar Waterfront Holdings on a 60-40 basis. MCC Land Pte Ltd, a Fortune 500 company, was hired as project manager.
"With this joint venture, we plan to build an upscale mixed development project within Dang Bay with property products that will provide long term recurring income for both parties," said Lim Chen Herng, executive director of Iskandar Holdings.
Iskandar Waterfront, part-owned by the Malaysian government in southern Johor state, postponed its US$300 million IPO for the second time on concerns that new measures introduced to cool property prices could dampen sales, Reuters reported this month. – Reuters
Hao Yuan plans to build the tallest tower in peninsular Malaysia, along with "several high-end residential, commercial and retail properties" over eight years, it said on Thursday in a press release. The project will be owned by Hao Yuan and Iskandar Waterfront Holdings on a 60-40 basis. MCC Land Pte Ltd, a Fortune 500 company, was hired as project manager.
"With this joint venture, we plan to build an upscale mixed development project within Dang Bay with property products that will provide long term recurring income for both parties," said Lim Chen Herng, executive director of Iskandar Holdings.
Iskandar Waterfront, part-owned by the Malaysian government in southern Johor state, postponed its US$300 million IPO for the second time on concerns that new measures introduced to cool property prices could dampen sales, Reuters reported this month. – Reuters
SingPost to buy Malaysia's Axis Plaza for
34m ringgit
SINGPOST on Thursday announced that its indirect
subsidiary Collective Developers Sdn Bhd would be acquiring Axis Plaza
in Selangor, Malaysia for 34 million ringgit (S$13.13 million) to support
its regional operations.
Axis Plaza, located within Selangor's Temasya Industrial Park, is owned by Axis Real Estate Investment Trust (Axis-Reit).
It has a total land area of 5,100 sqm and a current occupancy of 89.27 per cent, comprising mainly marketing and distribution companies.
As part of the sale and purchase agreement signed on Thursday, Collective Developers will first pay a deposit of 10 per cent of the 34 million ringgit consideration to Axis-Reit, and the remaining 90 per cent over the next four months.
Axis Plaza, located within Selangor's Temasya Industrial Park, is owned by Axis Real Estate Investment Trust (Axis-Reit).
It has a total land area of 5,100 sqm and a current occupancy of 89.27 per cent, comprising mainly marketing and distribution companies.
As part of the sale and purchase agreement signed on Thursday, Collective Developers will first pay a deposit of 10 per cent of the 34 million ringgit consideration to Axis-Reit, and the remaining 90 per cent over the next four months.
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