Company Briefs: Fortune Reit

Fortune Reit

The proposed conversion of Fortune Reit's listing on the Singapore bourse from a primary to a secondary one will not affect the trading of its units, the Securities Investors Association of Singapore (SIAS) said in a statement yesterday.

In response to queries from minority shareholders, SIAS president David Gerald said the Reit's senior management clarified that retail investors will be able to continue trading its units in Singapore or in Hong Kong, where it maintains a primary listing.

The only change involves annual general meetings, which will be held in Hong Kong.

There will be no changes to the Reit's trust deed and the trust remains constituted in Singapore. The Reit manager will also remain unchanged and will maintain an investor relations contact for unit holders here. The Reit's dividend policy will also remain the same.


Roxy-Pacific

Property group Roxy-Pacific Holdings entered a sale and purchase agreement yesterday to buy a Sydney development through its Australian unit, Roxy-Pacific Potts Point.

The 930 sq m property at 37-41 Bayswater Road, Potts Point, will be bought at A$27.5 million (S$27.9 million). The acquisition will be financed by internal funds and bank borrowings, and is not expected to have a material impact on the group's consolidated earnings for the financial year ending Dec 31.

The deal is subject to approval from the Foreign Investment Review Board of Australia.

None of the directors or controlling shareholders of the company has any indirect or direct interest in the acquisition, besides their shareholdings in the firm.


Genting Hong Kong

Genting Hong Kong plans to sell a 2.3 per cent stake in Norwegian Cruise Lines Holdings (NCLH) for about US$148.25 million (S$209 million). The sale will result in a gain of US$14.5 million for the leisure and gaming company, with proceeds to be used for working capital and to fund new investments should opportunities arise. Post-sale, Genting Hong Kong's stake in NCLH will fall to 11.1 per cent from 13.4 per cent.

Genting Hong Kong and fund manager Apollo entered into an underwritten disposal deal with Goldman Sachs on Dec 14 to sell 10.3 million shares of NCLH for US$296.5 million in net proceeds. Half of them, or about 5.2 million shares, will come from Genting Hong Kong's wholly-owned subsidiary Star NCLC.

A version of this article appeared in the print edition of The Straits Times on December 17, 2015, with the headline 'CompanyBriefs'. Print Edition | Subscribe