Capitaland: has succeeded in holding more than 90% of CapitaMall Asia, and will suspend trading of the shares at the close of the offer on June 9.
Midas Holdings: has won 3 metro train contracts worth a combined 3.5b yuan (S$711.9m).
Rex Intl: Its jointly controlled entity, Lime Petroleum Norway, yesterday signed an agreement with North Energy to buy a 5% stake in 2 additional licences in Norway, PL591 n PL591B.
Kian Ho Bearings: Raffles United yesterday bought 73.2m shares @ 23.5cts a piece in Kian Ho Bearings, representing a 31.27% stake, from Tat Hong Holdings in a married deal, boosting its stake to 52.65% and triggering a mandatory unconditional cash offer @ 23.5cts apiece for Kian Ho.
Frasers Centrepoint Limited (FCL SP, Not Rated) has tabled a takeover offer of the issued stapled securities of ASX-listed Australand Property Group (ALZ AU, Not Rated) for cash consideration of A$4.48 per stapled security or A$2.6bn (SGD3bn or circa 55% of FCL’s current market cap). While pro-forma impact of this acquisition will see FCL’s current gearing double to circa 65% and possibly explain the 4% correction in FCL’s price yesterday, we believe this acquisition can only enhance FCL’s positioning at a time when the Australian economy is on the upswing (1Q14 GDP growth of 1.1% was the fastest in 2 years). The offer price at A$4.48 is 22% premium to Australand’s NTA of A$3.68 (Jun14) and 4% premium over the last closing price.
Tritech Group has been awarded a S$6.099m contract for the Instrumentation and Monitoring of Thomson Line by the Land Transport Authority.
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