THE following companies saw new developments that may affect trading of their securities on Tuesday (Jan 9):
Yanlord Land Group: CHINESE property developer Yanlord Land Group expects to record net losses for the six months as well as full year ended Dec 31, 2023, it said in a Monday (Jan 8) bourse filing. The profit guidance announcement comes days after it announced a 52.5 per cent year-on-year fall in its total contracted pre-sales for FY2023 to 32.4 billion yuan (S$6 billion).
Flagging the challenging real estate market environment in China, Yanlord said that the probable net loss is primarily attributable to the provision for impairment losses on the group’s certain development properties in the country, as a result of the lower selling prices due to the softer general market demand.
CapitaLand Investment: AS 2023 drew to a close, CapitaLand Investment made an announcement that unitholders of many real estate investment trusts (Reits) should have found troubling.
The global real estate investment manager said on Dec 8 that it expects to report a significant decrease in earnings for 2023, due to fair value losses on its investment properties in markets such as China, Australia, Europe, the United Kingdom and the United States.
It said the fair value losses arose due to higher capitalisation rates and weaker market sentiment.
China Everbright: CHINA Everbright Water has issued its first tranche of medium-term notes (MTN) for 2024 with a principal amount of 1.5 billion yuan (S$285.1 million) and a 2.8 per cent coupon rate.
Separately, the environmental protection company also announced on Monday (Jan 8) that it would repay all its outstanding 2021 first tranche MTNs at their principal amount of one billion yuan, plus accrued interest, at the maturity date which falls on Jan 15, 2024.
The first tranche of the 2024 MTN notes comes with a maturity period of five years. It includes an interest rate option to be exercised by the company, and a resale option to be exercised by noteholders at the end of the third interest-bearing year.
Sabana Reit: SABANA Industrial Real Estate Investment Trust (Sabana Reit) will not be convening an extraordinary general meeting (EGM), pursuant to a requisition notice from the Sabana Growth Internalization Committee, its manager announced on Monday (Jan 8).
The committee, led by activist investor Quarz Capital, had requisitioned the EGM in a letter dated Dec 21, 2023, with 12 resolutions tabled to direct the trustee on the internalisation of the Reit manager.
The manager noted that it has not been able to verify “Sabana Growth Internalization Committee” as a unitholder, adding that it does not have records of the notice being deposited at its registered office.
Comments