Company Briefs: CapitaLand

CapitaLand

CapitaLand has sold its 100 per cent equity interest in Citadines Hitec City Aparthotel (CHC), a wholly owned subsidiary incorporated in India, for about $8.3 million to unrelated parties.

CHC owns a site in Hyderabad, India, which is not being developed. The price was arrived at based on the adjusted net asset value of CHC as at June 9 of about $8.3 million, taking into account the agreed land value of about $8.2 million, among other factors. The sale is part of CapitaLand's strategy to strengthen its ability to pursue other projects, it said.

The sale is not expected to have any material impact on the net tangible assets or earnings for the group for the financial year to Dec 31.


Fraser and Neave

A unit of Fraser and Neave (F&N) is to buy Warburg's vending unit.

F&N Foods has signed a conditional share purchase agreement to acquire the business, which is held through three Warburg entities, for about $29 million in cash.

Warburg is a leading player in the Singapore vending market with over 18 years of operational experience, F&N said. The acquisition should expand the group's vending network and increase its brand visibility, it added.


Noble Group

S&P Global Ratings has lowered its long-term corporate credit rating on Noble Group to B+ from BB-.

It also lowered the long-term issue rating on Noble's outstanding senior unsecured notes to B from B+.

"We downgraded Noble to reflect our view that the company's liquidity position has weakened despite the recent completion of refinancing and a proposed US$500 million fully underwritten rights issue," said S&P Global Ratings credit analyst Danny Huang.


GLP

Logistics firm GLP has leased an entire facility in the state of New Jersey to a leading global logistics company.

The lease is for 340,000 sq ft and is to a repeat customer.

The property provides good connectivity to a large population on the east coast, GLP said.

A version of this article appeared in the print edition of The Straits Times on June 16, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe