ABR Holdings, the Singapore franchisee for Swensen's ice cream and restaurants, yesterday terminated its joint venture with Palate Group.
The joint venture, All Best Foods, was set up in 2013. "After a strategic review of its operations, and further to discussions with Palate Group, the board has taken the view (that) it would be timely to bring the joint venture to an end," said the firm in a statement.
ABR Holdings bought over Palate Group's 49 per cent stake in the joint venture for $2.94 million, making All Best Foods its wholly-owned subsidiary.
Ascott Residence Trust
ASCOTT Residence Trust (Ascott Reit) said it has raised $250 million from its issuance of perpetual securities, amid strong demand that exceeded four times the issue size.
The perpetual securities, which come with a fixed distribution rate of 4.68 per cent a year, will be used to fund potential acquisitions.
"We are actively pursuing acquisitions to enhance Ascott Reit's portfolio as we seek to achieve our target asset size of $6 billion by 2017," said Mr Lim Jit Poh, the Reit management's chairman, in a statement.
Singtel Group Treasury
RATINGS firm Standard and Poor's assigned its "A+" long-term issue rating to
a proposed issue of United States dollar-denominated senior unsecured notes by Singtel Group Treasury.
The notes, guaranteed by Singtel, will be issued under its $10 billion euro medium-term note programme.
Separately, Moody's gave the notes an "Aa3" rating.