@ LMIR Trust has issued 118.4m Consideration Units today at S$0.38/unit.
@ Mermaid Maritime's subsidiary was awarded a two year subsea construction contract in the Gulf of Thailand worth ~US$50m.
@ Singtel's Australian subsidiary will acquire 100% stake of Ensyst Pty Limited for ~A$13m.
@ Keppel Land entered into a JV with Array Holdings, which is incorporated in Hong Kong, by acquiring a 75% stake in retail management company Array Real Estate.
@ CSC Holdings entered into an investment agreement with New Hope Singapore, where the former will acquire a minority stake in NH Singapore Biotechnology Pte Ltd.
@ CapitaLand has established a wholly-owned subsidiary Beijing Jiade Xinyuan Commercial Property as part of its business development plans.
@ Singapore Airlines’ (SIA) joint venture (JV) with Tata Sons Limited (Tata) – Vistara, is set to launch its first flight from Delhi to Mumbai and Ahmedabad on 9-Jan next year. This came after the JV received its Air Operator Permit on 16-Dec this year. The airline’s 148-seater A320-200 will offer seats in economy, premium economy and business classes, with Delhi serving as its hub. Vistara is the third full service carrier in India after state-run Air India and Jet Airways; but it will be the first to offer premium economy class. SIA has already started to equity account in its books for its share of Vistara’s start-up costs since 2QFY15. With commercial operations expected to start in Jan-15, we are of the view that costs will increase significantly from this JV as Vistara scales up. Hence, we think the JV will continue to see net loss position for at least the first year of operations and likely even beyond that. Note that SIA will record Vistara’s results under the line item “share of losses of associated and JV companies”. We opt to keep our FV estimate of S$10.80 unchanged for now and maintain our HOLD rating on SIA.
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