THE following companies saw new developments that may affect trading of their securities on Wednesday (Nov 9):
UHReit (ODBU): In its latest 3QFY2022 ended September business update, the manager of United Hampshire US REIT (UHREIT) announced that its distributable income for 3QFY2022 ended September of US$8.3 million ($11.6 million) was 8.1% higher than 3QFY2021. Contributions from UHREIT’s third DPU accretive asset, Upland Square Shopping Center, completed on July 28, has boosted 3QFY2022 distributable income.
Supported by a resilient portfolio that generated higher revenue from both existing properties and the three properties acquired since the 4QFY2021, gross revenue for 3QFY2022 rose 24.7% y-o-y to US$17.0 million from US$13.6 million a year ago, whilst net property income (NPI) was US$11.9 million, 15.2% higher than the US$10.3 million achieved in the previous year.
For the year-to-date ended September period, distributable income of US$24.6 million was 7.5% higher than a year ago.
Golden Energy (AUE): On Nov 8, shares in Golden Energy and Resources saw a 25.6% decline with the counter closing at 67 cents for the end of the day. As its share price dipped, the group on Nov 9 proposed to delist.
In conjunction with the delisting, Duchess Avenue is offering a conditional exit offer to acquire all the shares, excluding treasure shares, if any, held by shareholders at the cash consideration of 16 cents per share on top of the option to receive either shares (worth 88.5 cents) or a cash consideration (worth 68.6 cents) of its Indonesia-listed company PT Golden Energy Mines (GEMS).
The exit offer of 16 cents per share is conditional on the satisfaction of certain conditions, including, among others, shareholders having passed the distribution resolution and the delisting resolution at the extraordinary general meeting (EGM) and the proposed distribution coming into effect.
Prime US Reit (OXMU): Prime US Reit’s distributable income for the third quarter ended Sep 30 fell 4 per cent to US$19.2 million from a year ago, following a 6.1 per cent decrease in net property income (NPI) to US$24.2 million.
NPI slid amid year-on-year occupancy declines, said the manager. WeWork vacated in Q4 2021, while Whitney Bradley & Brown vacated in Q3 2022.
However, occupancy held steady at 89.6 per cent when compared with the preceding quarter. Gross revenue was up 3.1 per cent to US$40.6 million.
First Reit (AW9U): THE manager of First Real Estate Investment Trust (Reit) reported on Tuesday (Nov 8) a distribution per unit (DPU) of S$0.0066 for the third quarter ended September, up slightly from the S$0.0065 in the year-ago period.
The quarterly DPU of S$0.0066, has been unchanged since the fourth quarter of 2021, and total DPU for the first 9 months of 2022 stood at S$0.0198, up 1.5 per cent from the corresponding period a year earlier.
Rental and other income rose 39.2 per cent on year to S$80.9 million for the first nine months of 2022; net property and other income was 40.1 per cent higher, at S$79.1 million, the manager said in a business update on the Singapore Exchange.
Grand Venture (JLB): MAINBOARD-LISTED manufacturing-service provider Grand Venture Technology on Tuesday (Nov 8) said its net profit after tax fell 33.4 per cent to S$3.4 million for third quarter ended Sep 30, despite a 3.2 per cent rise in revenue to S$32.9 million.
The company’s gross profit margin decreased from 31.4 per cent to 25.9 per cent amid lower business activity in the back-end semiconductor segment.
Grand Venture was also still absorbing the costs of expanding its capacities for future growth during the quarter. Net profit margin fell from 16.2 per cent to 10.5 per cent.
CSE Global (544): MAINBOARD-LISTED CSE Global said on Tuesday (Nov 8) that it will acquire a radio-communications business, Logic Wireless, from Logic Technologies for a consideration of NZ$25 million (S$20.8 million).
CSE Global said in a bourse filing that the proposed acquisition provides an opportunity for the company to “expand and extend its existing radio-communication business and solutions to its customers in New Zealand, Australia and the UK”.
Under the sale and purchase agreement, CSE Global will acquire the entire share capital of Logic Wireless Limited, Logic Wireless Pty Ltd and Logic Wireless Europe Ltd from the sellers.
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