The following companies saw new developments that may affect trading of their securities on Wednesday (Sep 21):
Parkway Life Reit (C2PU): PARKWAY Life Real Estate Investment Trust (PLife Reit) has agreed to acquire 2 nursing homes in Japan for 2.88 billion yen (S$29.4 million) to deepen its expansion in the country’s aged care market.
The healthcare-focused Reit is buying the properties from Japanese real estate developer Daiwa House. Together with 3 other acquisitions announced last week, this will bring its Japan portfolio to 57 properties valued at S$758.4 million.
The acquisition will be made at 11.1 per cent below valuation, and is expected to generate a net property income yield of 5.2 per cent. The transaction is expected to be completed by Q3 2022.
Top Glove (BVA): GLOVE manufacturer Top Glove Corporation posted its first quarterly net loss since the company’s Malaysia listing in 2001 amid mounting cost pressures and a pullback in demand.
On Tuesday (Sep 20), Top Glove reported a net loss of RM52.6 million (S$16.3 million) for the fourth fiscal quarter ended August, reversing from a net profit of RM447.4 million in the corresponding year-ago period.
Revenue for the quarter was down 52.3 per cent year on year to RM990.1 million from RM2.1 billion. The board did not propose a dividend for the period under review.
Marco Polo Marine (5LY): MARINE logistics group Marco Polo Marine on Tuesday (Sep 20) said it will build, own and operate a new Commissioning Service Operation Vessel (CSOV), valued at about US$60 million, to meet rising demand in Asia’s offshore wind-farm industry.
The CSOV, with a length of 83 m and beam of 21 m, will be used in commissioning works during the construction and maintenance of offshore wind farms. Its construction will be funded through existing resources and borrowings.
The vessel is expected to be deployed in Q1 of 2024. Marco Polo chief executive Sean Lee said the company has received keen interest from offshore wind-turbine makers and offshore wind-farm developers since it unveiled new designs for service vessels in March.
Lian Beng (L03): LIAN Beng Group has declined regulators’ request for the company to disclose the remuneration of employees singled out as family members of a director, the chief executive or a substantial shareholder, citing potential impact on the group’s ability to attract and retain key and middle-management talent.
The Singapore Exchange (SGX) had asked the construction group and property developer to detail the responsibilities of 5 employees, and state their remuneration in bands of S$100,000 with the upper limit disclosed.
SGX, which is hardening its stance on remuneration disclosure, said that if the company refused, it should give a robust explanation for why the disclosure would not be in its interest.
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