The following companies saw new developments that may affect trading of their securities on Thursday (Nov 30):
Keppel Corporation has agreed to acquire an initial 50 per cent stake in Aermont Capital, for a consideration of up to 356.9 million euros (S$521.8 million), the asset manager and operator announced on Wednesday (Nov 29). This includes a deposit upon entering the agreement, a closing amount, and post-closing adjustments.
It plans to subsequently acquire the remaining shares in the European real estate manager, for a maximum of 575 million euros. That brings the maximum consideration for the acquisition to 931.9 million euros.
The base of the consideration is contingent on Aermont’s performance, said Keppel, adding that the two have yet to agree on a multiple which would determine the price of the acquisition.
MANULIFE US Real Estate Investment Trust : plans to raise funds through a mix of asset dispositions and a sponsor-lender loan to remedy its financial covenant breach, its manager said on Wednesday (Nov 29).
The recapitalisation plan – which requires shareholders to vote on three inter-conditional resolutions at an upcoming extraordinary general meeting (EGM) – seeks to “revitalise” the Reit, and provide more time for the manager to sell assets and realise value.
BEST World International on Wednesday (Nov 29) responded to questions from Singapore Exchange Securities Trading (SGX-ST) on certain aspects of its latest financial statements for the third fiscal quarter ended September.
SGX had pressed Best World for details on its current other assets, which, according to the group’s Q3 financial statements posted on the bourse on Nov 13, amounted to S$22.8 million.
SGX had asked for the nature and breakdown of these assets, as well as the underlying transactions, terms of these transactions, and the payment terms of the underlying contracts.
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