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Friday, December 31, 2010

CacheLog secures another long-term end-user

CacheLog secures another long-term end-user:
Key Points
  • A highly regarded multinational corporation has committed to occupy approximately 280,000 sq ft, representing over 12% of the gross floor area, at CWT Commodity Hub for approximately nine years. 
  • The commitment means certainty of occupancy for the specific premises for four years beyond the present master lease. 
  • The agreement to lease from April 2015 to April 2019 has a rental value of S$20.0 million and is inclusive of additional rent for end- user specific asset enhancement works to be funded by Cache.
Related Posts


First Reit rights issue - Use of proceeds for MRCCC acquisition

First Reit rights issue - Use of proceeds for MRCCC acquisition:
Key Points
  • Out of the net proceeds of the Rights Issue of S$167.3 million, S$121.7 million has been used towards part financing the MRCCC Acquisition. Such use is in accordance with the stated use and in accordance with the percentage of the net proceeds of the Rights Issue allocated to such use. 
  • The remainder of the cost of the MRCCC Acquisition will be financed by way of a transferable term loan of up to S$50.0 million for a term of four years from Oversea-Chinese Banking Corporation Limited.

Related Posts


Issue and listing of new units in first reit for the rights issue

Issue and listing of new units in first reit for the rights issue:
Key Points
  • An aggregate of 345,664,382 Rights Units has been issued, bringing the total number of First REIT units (“Units”) in issue to 622,195,888 Units.
  • The Rights Units will, upon allotment and issue, rank pari passu in all respects with the existing Units in issue as at the date of issue of the Rights Units, including the right to any distributions which may accrue for the period from 1 October 2010 to 31 December 2010 as well as all distributions thereafter.
  • The Rights Units will be listed and quoted on the Main Board of Singapore Exchange Securities Trading Limited (the “SGX-ST”) with effect from 9.00 a.m. on 31 December 2010.
Author's Note
The newly issued units will also be eligible for the upcoming quarterly distribution from 1 Oct 2010 to 31 Dec 2010. The official completion of the 2 new acquisitions has not been announced. So far only the news of the Use of proceeds of rights issue for the MRCCC acquisition has been released. Since the earnings of the 2 new properties has not come in, the upcoming DPU is expected to be diluted. It will only be back to normal after the new properties start contributing their earnings.
Related Posts


Wednesday, December 29, 2010

First Reit - results of the rights issue

First Reit - results of the rights issue:
Key Points
  • Valid acceptances and excess applications for a total of 425,875,570 Right
    Units (as defined herein), representing approximately 123.2% of the total number of Rights Units available under the underwritten renounceable rights issue (the “Rights Issue”) of 345,664,382 new units in First REIT (“Rights Units”), were received as at the close of the Rights Issue on 22 December 2010.
  • The Manager expects that the Rights Units will be issued on or about 30 December 2010.
  • The Manager further expects that the Rights Units will be listed and quoted on the Main Board of the SGX-ST with effect from 9.00 a.m. on 31 December 2010.
Related Posts



Monday, December 27, 2010

MapletreeLog acquires N S Tang Building - 24 DEC 2010

Mapletreelog expands Singapore portfolio with another acquisition:
Key Points
  • MapletreeLog acquires N S Tang Building (the “Property”) located at 36 Loyang Drive, Loyang Industrial Estate, Singapore from N.S. Tang (Pte) Ltd (“N S Tang”) at a purchase price of S$13.8 million. 
  • The acquisition was signed and completed on 24 Dec 2010 upon receipt of JTC’s approval.
  • Strategic location and good building specifications for aerospace industry use.
  • Initial net property yield of 8% on a 5-year sale-and-leaseback arrangement with annual escalation.
  • With the addition of this Property, MapletreeLog's total portfolio will increase to 95 properties and its total book value to approximately S$ 3,471 million. 
  • This is the last of the four potential acquisitions identified in the recent equity fund raising exercise announced on 21 September 2010 and was
    funded from its net proceeds.
Related Posts



Thursday, December 23, 2010

Updated Target Price by DBS

Updated Target Price by DBS:

REIT Brokerage Recommendation Target Price (S$) Date
CacheLog DBS Vickers BUY 1.74 17/12/10
FrasersCT DBS BUY 1.11 17/12/10
MapleTreeLog DBS Vickers BUY 1.01 17/12/10
CDL H-Trust DBS Vickers BUY 2.28 17/12/10
CapitaMall DBS Vickers BUY 2.09 17/12/10
PLife DBS Vickers BUY 1.84 17/12/10
AscottReit DBS Vickers BUY 1.38 17/12/10

Latest updates at Stock Target Price.

Tuesday, December 21, 2010

K-Reit completes acquisition of 77 King Street

(I) COMPLETION OF ACQUISITION OF 77 KING STREET
(II) USE OF PROCEEDS FROM THE NOV 2009 RIGHTS ISSUE 
Key Points
  • Further to the announcement dated 19 July 2010 in relation to the acquisition of 100% interest in Lots 1, 3, 4 and 5, 77 King Street, Sydney, Australia (the “Acquisition”), the Acquisition has been completed.
  • The Acquisition was financed with S$19.4 million from K-REIT Asia’s rights issue in November 2009 (the “Rights Issue”) and additional borrowings. 
  • Such use of proceeds of the Rights Issue is in accordance with the stated use and the percentage of the proceeds allocated to such use.
  • As at the date of this announcement, the Manager has disbursed all the proceeds from the Rights Issue.
Related Posts


SUNTEC Reit announces details of Advanced Distribution

SUNTEC Reit announces details of Advanced Distribution.
Key Points
  • Advanced Distribution of 1.723 cents per unit in Suntec REIT (“Unit”) which comprises a taxable income component of 1.630 cents per Unit and a tax-exempt income component of 0.093 cents per Unit will be paid on 5 January 2011.
  • Unitholders of Suntec REIT whose securities accounts with The Central Depository (Pte) Limited are credited with Units as at 5.00 p.m. on 8 December 2010 will be entitled to the Advanced Distribution that will be paid on 5 January 2011.
  • The New Units issued under the Private Placement (as defined in the Announcement) and the Deferred Units (as defined in its announcement dated 9 December 2010) will not be entitled to the Advanced Distribution. 
  • All Units will be entitled to the distribution for the period from 9 December 2010 to 31 December 2010.
Related Posts



MapletreeLog completes of Acquisition of 44 & 46 Changi South Street 1, Singapore

MapletreeLog completes of Acquisition of 44 & 46 Changi South Street 1, Singapore.
Key Points
  • Further to its press release dated 2 December 2010 regarding the acquisition of the property at 44 & 46 Changi South Street 1, Singapore for a purchase price of S$16.8 million, Mapletree Logistics Trust Management Ltd., Mapletree Logistics has completed the acquisition on 20 Dec 2010.
  • The acquisition was fully funded by proceeds raised in the recent equity fund raising exercise announced on 21 September 2010 (“EFR announcement”). 
  • This was one of the Potential Acquisitions as identified in the EFR announcement.
Related Posts




Thursday, December 16, 2010

K-Reit completes acquisition of a one-third interest in MBFC Towers 1 & 2 and Marina Bay Link Mall - 15 DEC 2010

i) Completion of acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 & 2 and Marina Bay Link Mall and divestment of Keppel Towers and GE Tower;
ii) Use of proceeds from K-Reit Asia’s November 2009 rights issue.
Key Points
  • The acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 & 2 and Marina Bay Link Mall (including the assignment to K-REIT Asia of the loan made by Bayfront Development Pte. Ltd. to BFC Development Pte. Ltd.) (“BFC”) (the “MBFC Acquisition”) and the divestment of Keppel Towers and GE Tower (the “KTGE Divestment”, together with the MBFC Acquisition, the “Transactions”) has been completed on 15 DEC 2010.
  • In relation to the use of proceeds from K-REIT Asia’s rights issue in November 2009 (the “Rights Issue”), the board of directors of the Manager, wishes to announce that to-date, out of the net proceeds of approximately S$616.0 million from the Rights Issue less the utilisation of approximately S$555.1 million made prior to this announcement, S$41.5 million has been used to partly finance the MBFC Acquisition.
Related Posts


Moody’s rating for Suntec Reit - 15 DEC 2010

Moody’s rating for Suntec Reit:
Key Points
  • Moody's Investors Service has downgraded Suntec Real Estate Investment Trust's ("Suntec") corporate family rating to Baa2 from Baa1 and the senior unsecured ratings to Baa3 from Baa2. 
  • The outlook for both ratings is stable.
  • Moody’s recent rating review was initiated subsequent to the announcement of the acquisition of a one-third interest in the Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall (the “Acquisition”), which has been completed with partial funding by a S$1,105 million term loan facility, and the remainder funded by S$417.9 million of net proceeds derived from the private placement of 313,000,000 new units in Suntec REIT.
  • The downgrade reflects the substantially debt-funded acquisition of the one-third stake in MBFC, which will weaken Suntec's financial profile to levels more appropriately positioned at Baa2.
  • The final funding structure, with approximately 71% of the acquisition debt-funded, is expected to increase the trust's Debt/Total Assets to between 38-40% from 33%, after taking into account the use of the proceeds from the repayment of a shareholder's loan from One Raffles Quay Pte Ltd to reduce existing borrowings. 
  • On the other hand, Moody's recognizes that the transaction has long-term strategic benefits, and provides Suntec with a larger exposure to Grade A properties in Singapore. The acquisition will also enable greater income diversification, with net property income contribution from Suntec City Mall and Suntec City Towers estimated to reduce from 75.9% to 58.9%. The benefits of the acquisition to Suntec's business profile are thus significant.
  • Suntec's Baa2 corporate family rating is underpinned by the trust's stable and recurring cash flow streams derived from its quality properties. Although Suntec's assets are highly concentrated -- with an estimated 59% of its net property income coming from Suntec City after the acquisition of MBFC -- the situation is mitigated by its well-diversified and good quality tenants.
  • The stable outlook reflects Moody's expectation of continued stable cash flow generation from its portfolio, supported by high occupancy and rental revenues. It also includes the assumption of further long-term acquisitive growth, which affords Suntec greater flexibility at its current rating level.
Related Posts



Tuesday, December 14, 2010

SGX Shortens Time-To-Market for Secondary Fund Raising

SGX Shortens Time-To-Market for Secondary Fund Raising:
Key Points
  • Singapore Exchange announced measures to facilitate and shorten time-to-market for secondary fund raising. These measures will take effect from 1 January 2011 with amendments to the securities listing rules applicable to both the Mainboard and Catalist board. 
  • Temporary measures on fund raising were initiated in January and February 2009 to enable companies to raise capital efficiently under tight credit conditions during a global credit crunch. Following a public consultation and review conducted earlier this year, SGX will formalize a majority of the temporary measures in the interests of both shareholders and listed issuers.
  • The measures that will be effective from 1 January 2011 are as follows:
    1. Shortening the notice of books closure date from 10 to 5 clear market days;
    2. Allowing issuers to undertake non-renounceable rights issue without specific shareholders' approval, provided the rights shares are priced at a discount not exceeding 10%;
    3. Allowing issuers to issue scrip dividends without shareholders' approval, provided shareholders are given a cash option; and
    4. Introducing a new practice note in the Listing Manual to provide guidance on sub-underwriting arrangements, including the need to seek specific shareholders' approval where sub-underwriting fees are paid to controlling shareholders and substantial shareholders.
Author's Note
With the new measures, rights issue can now be undertaken without specific shareholders' approval if rights shares are priced at a discount not exceeding 10%. The discount is with respect to the weighted average price for trades done on the Exchange for the full market day on which the rights issue is announced. Looking back at the rights issue exercises of Reits for the past couple of years, I cannot recall any with discount of less than 10%.

The pricing of rights shares is a very tricky business. Pricing it too low may result in the need to issue more new units in order to raise a certain amount of money, thereby diluting the per unit metrics such as distribution per unit and NAV per unit by a greater extent. Pricing it too high may discourage the existing share holders to subscribe to the rights shares. This may in turn result in the sponsor of the Reit having to take up the excess rights.

From the perspective of the Reit, it is more favourable for the price of rights shares to be as high as possible as more money can be raised for the same number of new units issued. Pricing it too low may have a long term impact on the per unit metrics of the Reit, as the Reit will have less money to make use of to bring up the per unit metrics.

There has been a number of successful private placement exercises with discounts of less than 10%.  These private placement exercises generally do not have much impact on the per unit metrics as the percentage increase in share base is very low. The Reit can thus raised the money for acquisition of new properties without causing too much dilution of the per unit metrics. Only thing about the private placement exercises is that unlike the rights issue, they are not open to all the existing share holders. With the new measure, it may be possible for the Reit to conduct more regular rights issue with discounts of less than 10%, and at a smaller percentage increase in share base similar to the private placement exercises.




Updated Target Price by OCBC for various Reits

Updated Target Price by OCBC:

REIT Recommendation Target Price (S$) Date
AscendasReit HOLD 2.210 10/12/10
AscottReit BUY 1.380 10/12/10
CapitaComm HOLD 1.520 10/12/10
CapitaMall HOLD 2.050 10/12/10
FrasersComm BUY 0.180 10/12/10
FrasersCT HOLD 1.500 10/12/10
LippoMapleTrust BUY 0.590 10/12/10
MapleTreeLog BUY 1.000 10/12/10
Starhill Gbl BUY 0.660 10/12/10
Suntec HOLD 1.500 10/12/10
 
Latest updates at Stock Target Price.

Extension of HGB title for Mochtar Riady Comprehensive Cancer Centre

Extension of HGB title for Mochtar Riady Comprehensive Cancer Centre (MRCCC):
Key Points
  • This announcement is further to:
    • the announcement dated 9 November 2010 in which Bowsprit Capital Corporation Limited,in its capacity as manager of First Real Estate Investment Trust (“First REIT” and asmanager of First REIT, the “Manager”), proposed the acquisition by First REIT of MochtarRiady Comprehensive Cancer Centre (“MRCCC” and the proposed acquisition of MRCCC,the “MRCCC Acquisition”) subject to, among others, the condition precedent that the in-principle approval for the renewal of the “Right to Build” (Hak Guna Bangunan or “HGB”1)title in relation to MRCCC be obtained from Badan Pertanahan Nasional (or the NationalLand Office of Indonesia).
    • the circular dated 10 November 2010 issued to unitholders of First REIT (“Unitholders”) to seek Unitholders’ approval for, among others, the MRCCC Acquisition.
    • the approval by Unitholders of the MRCCC Acquisition at First REIT’s Extraordinary General Meeting on 29 November 2010.
  • the National Land Office of Indonesia has extended the HGB title in relation to MRCCC (which was scheduled to expire on 27 August 2015) for a period of 20 years subject to, among others, the payment of a nominal premium and certain other standard conditions, and therefore the condition precedent described above has been satisfied. 
  • The amount of premium payable is approximately 193.2 million Indonesian Rupiah (approximately S$28,006.252) and is payable by the vendor of MRCCC. 
Related Posts



Friday, December 10, 2010

Singapore commercial property rents to rise 15-20% next year: CBRE

Singapore commercial property rents to rise 15-20% next year: CBRE:

Source of News

Singapore's commercial property sector will likely see a 15-20 per cent increase in rental values next year, after a 22 per cent growth this year, according to CBRE.

This will be driven by strong occupier demand for office space in Singapore despite plenty of supply coming on stream.

CBRE points to the Marina Bay Financial Centre (MBFC) as one example of strong demand. The first phase of MBFC was fully let out by the time its doors opened this year.

The property consultant said the supply pipeline is reasonable next year, with over 5 million square feet of office space currently under construction in the central business district. Half of the supply has already found tenants.

"From a relative standpoint, Singapore is quite competitive in terms of office occupation costs... Hong Kong office space is commanding almost double the rents Singapore is currently set at, so I think there is room for rental growth in Singapore, without it becoming uncompetitive," said Moray Armstrong, Executive Director, Office Services, CBRE.


Related Posts



SUNTEC Reit completes acquisition of a one-third interest in MBFC Towers 1 and 2, and the Marina bay Link Mall - 9 DEC 2010

SUNTEC Reit completes acquisition of a one-third interest in MBFC Towers 1 and 2, and the Marina bay Link Mall:
Key Points
  • SUNTEC Reit completes acquisition of a one-third interest in MBFC Towers 1 and 2, and the Marina bay Link Mall on 9 DEC 2010.
  • The Acquisition was partly financed with a S$1,105 million term loan facility entered into with Citibank, DBS Bank and Standard Chartered Bank, and partly financed with S$417.9 million of net proceeds derived from the private placement of 313,000,000 new units in Suntec REIT (“New Units”) at an issue price of S$1.37 per New Unit.
  • With this acquisition:
    • Suntec REIT’s office portfolio NLA has increased from approximately 1.9 million sq ft to approximately 2.4 million sq ft.
    • further strengthened its foothold in the Marina Bay precinct.
    • the value of Suntec REIT’s assets under management has increased to approximately S$6.8 billion.
Related Posts 




Thursday, December 9, 2010

SUNTEC Reit issues final tranche of 34,500,360 deferred units - 9 DEC 2010

SUNTEC Reit issues final tranche of 34,500,360 deferred units.
Key Points
  • 34,500,360 units in Suntec REIT (the “Deferred Units”) has been issued to Suntec City Development Pte Ltd, the last of six instalments of deferred units in Suntec REIT in part satisfaction of the purchase consideration for Suntec REIT’s initial portfolio of properties in its initial public offering.
  • With this issue of Deferred Units, together with the private placement of 313,000,000 new units in Suntec REIT (the “New Units”) issued at an issue price of S$1.37 per New Unit (the “Private Placement”) today, the total number of units in Suntec REIT (“Units”) in issue is 2,194,862,143.
  • The Deferred Units and New Units will commence trading on the Main Board of Singapore Exchange Securities Trading Limited (the “SGX-ST”) at 2.00 p.m. today.
Related Posts


SUNTEC Reit issues 313,000,000 new units for Private Placement - 9 DEC 2010

SUNTEC Reit issues 313,000,000 new units for Private Placement.
Key Points
  • Further to its announcements dated 29 November 2010 in relation to the private placement of 313,000,000 new units (“New Units”) in Suntec REIT at an issue price of S$1.37 per New Unit (the “Private Placement”), the Board of Directors of ARA Trust Management (Suntec) Limited, in its capacity as manager of Suntec REIT (the “Manager”), wishes to announce that the Manager has today issued the New Units. The New Units will commence trading on the Main Board of Singapore Exchange Securities Trading Limited
    (the “SGX-ST”) at 2.00 p.m. today.
  • The New Units issued pursuant to the Private Placement will, upon issue, rank pari passu in all respects with the Suntec REIT units in issue immediately prior to the issue of the New Units (“Existing Units”), other than in respect of the Advanced Distribution (as defined herein).
Related Posts



K-Reit Updated Target Price

K-Reit Updated Target Price:

CIMB UNDERPERFORM 1.43 19/10/10


Latest updates at Stock Target Price.

Related Posts


Wednesday, December 8, 2010

MapletreeLog Realises Value on Divestment of Singapore Property for S$12.5 million - 7 DEC 2010

MapletreeLog Realises Value on Divestment of Singapore Property for S$12.5 million.
Key Points
  • MapletreeLog has entered into an agreement to divest its property at 9 Tampines Street 92, Singapore 528871 (the “Property”) to Trans-cab Services Pte Ltd (“Trans-cab”) for a total consideration of S$12.5 million.
  • Based on the latest valuation as at 1 December 2010 by Colliers International (Singapore) Pte Ltd, the Property is valued at S$12 million.
  • Originally acquired at S$11.2 million, MapletreeLog is expected to realise a total net disposal gain of S$1.2 million with the divestment of this Property, after deducting transaction related costs and expenses. 
  • The sale is subject to approval by HDB and is expected to complete by 1Q 2011.
  • Upon completion of this divestment, MapletreeLog’s total portfolio will stand at 94 properties with a book value of approximately $3,457 million.  
Author's Note
According to the CEO of Mapletree Logistics Trust Management Ltd, the Property is one of the older assets, its building specifications are now a little outdated and offer limited growth to the portfolio. Following the disposal of the Property, the original capital can be redeploy for newer assets that can generate a better yield.

Related Posts


Moody's upgrades CapitaCommercial Trust's ratings to Baa1 - 8 DEC 2010

Moody's upgrades CapitaCommercial Trust's ratings to Baa1; outlook stable.  
Key Points
  • Moody's Investors Service has upgraded CapitaCommercial Trust's ("CCT") corporate family rating to Baa1 from Baa2 and the senior unsecured ratings to Baa2 from Baa3. The outlook for both ratings is stable.
  • The upgrade reflects CCT's operating and financial strength, as evidenced by its strong, predictable cash flows and high occupancy rates over the 2008/09 economic downturn.
  • CCT's track record and prudent approach towards managing its capital structure and pursuing its acquisitions also help maintain a strong and stable financial profile.



Monday, December 6, 2010

First Reit - Lodgement and despatch of offer information statement - 6 DEC 2010

First Reit - Lodgement and despatch of offer information statement.
Key Points
  • The manager of First REIT has today lodged with the MAS the offer information statement (“Offer Information Statement”) in relation to the issue of 345,664,382 new units in First REIT on a fully underwritten and renounceable basis to Eligible Unitholders on a pro rata basis of five Rights Units for every four existing Units held as at 5.00 p.m. on 3 December 2010 at the issue price of S$0.50 per Rights Unit, fractional entitlements to be disregarded, to raise gross proceeds of approximately S$172.8 million.
  • The Offer Information Statement is available on the website of the MAS at www.mas.gov.sg and will be despatched on 8 December 2010 to Eligible Unitholders.
Author's Note
For holders of the rights, do take note of the IMPORTANT DATES AND TIMES as indicated in the guidelines and OIS: 

Last date and time for trading of Rights Entitlements 16 December 2010 at 5.00 p.m.
Last date and time for acceptance of Rights Entitlements and payment for Right Units 22 December 2010 at 5.00 p.m. (9.30 p.m. for Electronic Applications through ATMs of Participating Banks)
Last date and time for application and payment for Excess Rights Units 22 December 2010 at 5.00 p.m. (9.30 p.m. for Electronic Applications through ATMs of Participating Banks)

The Offer Information Statement can also be found in the MAS Opera site. Look under the category Collective Investment Scheme Offers, and click on the Latest link.

Related Posts


Friday, December 3, 2010

CDL Hospitality Real Estate Investment Trust obtains ‘BBB-’ Investment Grade Rating Affirmation by Fitch Ratings - 3 DEC 2010

CDL Hospitality Real Estate Investment Trust obtains ‘BBB-’ Investment Grade Rating Affirmation by Fitch Ratings.
Key Points
  • M&C REIT Management Limited, as manager of CDL Hospitality Real Estate Investment Trust (“H-REIT”) (the “H-REIT Manager”), wishes to announce that H-REIT has received a rating affirmation of investment grade Long Term Issuer Default Rating of ‘BBB-’ (BBB minus) by Fitch Ratings on 3 December 2010, with a Stable Outlook maintained.



Mapletreelog acquires singapore property for S$16.8 million - 2 DEC 2010

Mapletreelog acquires singapore property for S$16.8 million.
Key Points
  • The Manager of MapletreeLog has signed a Put and Call Option Agreement today with JEP Precision Engineering Pte Ltd (the “Vendor”), to acquire its premises at 44 & 46 Changi South Street 1, Singapore (the “Property”) at a purchase price of S$16.8 million.
  • The Property comprises two connected single-storey air-conditioned warehouses and an ancillary office. Highly accessible from the Pan-Island Expressway and the East Coast Parkway, the Property is also a 5-minute drive from Changi International Airport.
  • The Vendor will lease back the Property for a period of 7 years with an option to extend for a further term of 7 years and rental escalation of 3.75% at the beginning of year 3, 5 and 7.
  • The acquisition provides an initial net property yield of 8.7% and the land lease has a balance of 26 years.
  • With the addition of this Property, MapletreeLog's total portfolio will increase to 95 properties and its total book value to approximately S$ 3,446 million. 
  • The acquisition is subject to approval by JTC and is expected to complete by December 2010. 
  • This is the third of the four potential acquisitions identified in the recent equity fund raising exercise announced on 21 September 2010 and will be funded from its net proceeds.
Related Posts



Wednesday, December 1, 2010

SUNTEC Reit Updated Target Price following Completion of Private Placement

SUNTEC Reit Updated Target Price following Completion of Private Placement:

CIMB OUTPERFORM 1.630 30/11/10
Phillip Securities HOLD 1.370 01/12/10


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