Wilmar International says it is syndicating a US$1.1 billion ($1.4 billion) syndicated term loan facility to finance the acquisition of Sucrogen and an A$600 million ($769 million) syndicated revolving credit facility to finance the general corporate and working capital requirements of Sucrogen.
Australia and New Zealand Banking Group and The Hongkong and Shanghai Banking Corporation have been appointed the mandated lead arrangers and bookrunners for the facilities.
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Hongkong Land (H78.SG) +3.3% at US$6.54, extending last week’s 5.3% gain, as expectations of property group continuing to benefit from Hong Kong’s office market rebound still running high, says Dow Jones.
“Hongkong Land provides the greatest leverage to the core Hong Kong Central office market, which industry contacts suggest has the most attractive fundamentals with little vacancy, limited new supply and strong demand,” says Macquarie; “we are confident the tight supply in Hong Kong central office and recovering demand will drive rents higher.”
Orderbook quotes suggest stock may head up to US$6.80.
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United Overseas Bank says it has entered into asset purchase agreements with HSBC Bank USA, The Hongkong and Shanghai Banking Corporation and HSBC Bank (Taiwan) for US$15 million ($20 million).
Under the agreement, UOB will acquire from HSBC the physical assets of its banknotes business in Singapore, Hong Kong, Japan, Beijing and Taiwan.
BNP Paribas starts Hongkong Land (H78.SG) at Reduce with US$5.42 ($7.24) target price, according to Dow Jones.
BNP Paribas notes current share price has exceeded its 2008 peak by 33%, but rents in Central HK still 20%-25% below their 2008 levels.
Research house says Hongkong Land still faces negative reversionary pressure on rents as existing expensive leases get renewed in 2011; “even if the rise in spot rents were to maintain its momentum, greater benefits would only be seen in 2012, when we expect 10% growth in gross-rental income.”
Shares up 0.2% at US$5.98.
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Shares of MCL Land surged by most on record after its parent Hongkong Land Holdings offered the buy the rest of the company at a premium. Hongkong Land, which holds about 77.4% of MCL Land, offered to pay $2.45 in cash for each remaining share in the Singapore-based homebuilder. MCL Land advanced 26% to $2.45 as of 9:13 a.m. in Singapore. Hongkong Land was unchanged at US$5.32 ($7.22).
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Ezra Holdings said it has today drawn down a $70 million term-loan facility in full. DBS Bank Ltd. and Hongkong & Shanghai Banking Corp. are the mandated lead arrangers of the facility, the company said in a statement. Proceeds will be used to finance new business ventures, investments, acquisitions and capital expenditure, Ezra said.
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HKL (MCL) Pte, a unit of Hongkong Land Holdings, will offer $2.45 in cash for each remaining share in MCL Land and plans to delist the company from the Singapore bourse. The offer by HKL, which holds about 77.4% of MCL Land, is 26% higher than the closing price of $1.95 on Aug 24. The offer values MCL Land at about $906 million.
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Citigroup Research in an Aug 2 research report says: “HKL announced its 1HFY10 interim result with underlying earnings up by 70% y-o-y to US$477 million, which represents 57% of our previous full-year estimated profits of US$857 million.
Jardine Matheson Holdings, which owns car distributors, real estate, supermarkets and hotels in Asia, said first-half profit more than quadrupled on a higher contribution from its property unit.
Net income rose to US$1.05 billion ($1.43 billion), or US$2.94 a share, in the six months ended June 30, from US$252 million, or US$0.71 a share, a year earlier, the Hong Kong-based company said in a statement to London’s stock exchange today.
Macquarie upgrades Hongkong Land (H78.SG) to Outperform from Neutral, lifts target price to US$6.10 ($8.31) from US$4.90 to reflect strong recovery in Hong Kong office market, according to Dow Jones.
The following companies may have unusual price changes in Singapore trading today. Share prices are from the previous close. Singapore’s Straits Times Index gained 0.4% to 2,997.65.
Dairy Farm International Holdings (DFI SP): Hong Kong’s second-biggest retailer said first-half profit rose 17% to US$182 million ($248 million) from a year earlier. Dairy Farm gained 1.6% to US$7.52.
DBS Group Holdings (DBS SP): Southeast Asia’s biggest bank reported a surprise net loss of $300 million in the second quarter because of a goodwill impairment charge of $1.02 billion. Analysts had expected a profit of $572.9 million, according to eight estimates compiled by Bloomberg. DBS lost 0.1% to $14.50.
Singapore Telecommunications says wholly-owned subsidiary, SingTel Group Treasury Pte., today established a $10-billion guaranteed euro medium term note (EMTN) programme. SingTel will guarantee the notes.
Rating agencies Moody’s Investors Service and Standard & Poor’s have assigned ratings of Aa2 and A+ respectively to the EMTN programme, in line with SingTel’s current long term ratings.
The Hongkong and Shanghai Banking Corporation and Morgan Stanley Asia (Singapore) are the arrangers and dealers for the EMTN programme.
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