ComfortDelGro Corp announced that its Australian unit ComfortDelGro Cabcharge Pty Ltd had scrapped a plan to buy bus builder Custom Coaches Pty Ltd after completing due diligence.
China New Town Development Company Ltd announced the completion of sale of land use rights of residential developable land parcel (A2-3) located at its Shanghai Luodian New Town project (‘Luodian Project’) by the relevant Shanghai land administrative bodies. The sale set a new record selling price in the Luodian Project of approximately RMB 4,630 per square meter (psm) in terms of gross floor area. This represents price growth in the same project of 8.9% from the last price of RMB 4,250 psm achieved two weeks ago and 25% from the price of RMB 3,700 psm achieved in January 2008.
China Hongxing Sports Ltd had a strong showing at the 2009 Spring Collection Trade Fair held in Xiamen City, Fujian Province. They garnered an order book worth approximately RMB 1.2 billion, representing a yearon- year increase of approximately 46.3% from the trade fair held in September 2007.
City Developments announced that they will issue the first tranche of a $1 billion (US$708 million) Islamic bond programme by the end of this year. They plan to sell $1 billion in sharia-compliant debt arranged by Malaysian lender CIMB, in what would be Singapore’s first Islamic unsecured financing arrangement and aimed at tapping new markets.
FJ Benjamin announced that its full-year net profit fell 31 percent to S$14.8 million, from S$21.5 million a year ago. Group revenue grew by 33 percent to S$342.4 million, from S$257.6 million a year ago. Other income, however, fell 49 percent to S$7.2 million, from S$14.0 million in 2007, due mainly to lower currency translation gain of S$274,000 this year – compared to S$5.0 million the previous year.
Hersing Corporation announced that it has entered a non-binding memorandum of understanding with a leading global real estate fund for a proposed joint venture relating to Hersing’s self-storage business. Under the terns, Storhub Self Storage Pte Ltd, Hersing’s wholly-owned subsidiary, will transfer four properties to four Singapore-incorporated asset holding companies, which in turn will be beneficially owned by an entity to be 80 percent held by the global real estate fund and 20 percent by Hersing. The real estate fund will also buy from Hersing a 20 percent stake in a company that will be set up to provide property management and asset management services for the asset holding companies.
Union Steel Holdings Ltd announced that net profit grew 212% to S$25.1 million compared to the year before. This was largely contributed by a rise in gross profit as well as a gain on the sale of properties. The rise in gross profit was mainly driven by increased steel prices and strong demand for steel products and ferrous metals during the financial year 2008.
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