Company News highlight

Boustead Singapore Limited announced that it has been awarded its first commercial property project within Singapore’s Central Business District, a S$23 million contract to build Robinson Square, for developer, Oxley Blossom Pte Ltd to be located at 144 Robinson Road in Singapore. (S$0.99, +2.591%)

Keppel Land Limited announced that it has entered into a share purchase agreement with Toshin Development Co., Ltd., for the sale of 10,355,336 shares held by SCIL in Davinelle Limited representing approximately 33.4% of the total issued share capital of Davinelle, for a purchase consideration of US$15,000,000. (S$3.90, +0.515%)

Wheelock Properties (Singapore) Limited announced the purchase today of 1,066,000 shares in SC Global Developments Ltd. at the price of about S$1.81 from the open market. As a result of such purchases, Wheelock holds approximately 16.09% of SC Global shares. “In our assessment, the current share price represents a discount of some 40-50% of RNAV, and we would be unable to buy property assets directly at anything like these prices,” said Ms Tan Bee Kim, Senior Executive Director at Wheelock. (S$1.975, +1.282%)

Capitaland made an announcement with respect to
Australand. Australand refers to its announcement on Monday, 10 December 2012 in relation to its receipt of an unsolicited, indicative, non-binding proposal (“the Proposal”) from The GPT Group to acquire Australand’s Investment Property Portfolio and its Commercial and Industrial business (“the Assets”). The Proposal involved Australand Holdings Limited retaining the residential business and remaining a listed entity. The Proposal was incomplete, highly conditional and was subject to a number of factors including undertaking due diligence, exclusivity and market break fees to apply in the event the transaction did not proceed with GPT. The Proposal involved The GPT Group acquiring the Assets at a premium of $140 million to the 30 June 2012 book value. The Board of Australand, together with its advisers, has carefully considered the Proposal and has determined that the Proposal does not provide a compelling value proposition and is not in the best interests of Australand’s securityholders. The Board has formed the view that the Proposal does not provide a sufficient premium nor compensate Australand securityholders for the transaction costs that would be incurred by Australand, structural inefficiencies and risks involved with implementing the Proposal including the uncertainty as to the trading value of the residual residential business as a stand alone listed company. Whilst the Board remains committed to maximising securityholder value, it does not intend to engage with The GPT Group in relation to the Proposal. (S$3.72, -0.800%)