Company Briefs: OUE Hospitality Trust

OUE Hospitality Trust

OUE Hospitality Trust has posted a third-quarter distribution per security of 1.23 cents, down 28.5 per cent from the same period last year, due to lower income available for distribution and an enlarged number of stapled securities in issue following the rights issue completed in April.

Distribution income in the three months to Sept 30 fell 3.3 per cent from a year ago to $22.3 million on lower net property income from the retail segment.

Net property income in the quarter was $29.4 million, up 2.4 per cent from a year ago. Gross revenue was $33.3 million, up 2 per cent from a year ago.

Hiap Hoe

Property group Hiap Hoe has issued a guidance that it expects to report a profit for the third quarter ended Sept 30.

It said a preliminary assessment of its unaudited financial statements showed that the firm would be in the black for the quarter, thanks to a gain from asset disposals.

An indirect wholly owned subsidiary of the firm has sold all its shares in Meteorite Property (Lonsdale Street) and all its units in the Meteorite Property (Lonsdale Street) Unit Trust.

The trust holds the property at 380, Lonsdale Street, in Melbourne.

The company had disclosed the completion of the unit's sale of the shares and units on Aug 15.

Further details of its financial performance will be disclosed on Nov 11.

YuuZoo Corporation

YuuZoo Corporation has signed an agreement to immediately buy 33.3 per cent of Relativity Media, an independent movie studio and entertainment group, with an option to increase its investment to a majority stake over the next 24 months.

The group reported on Sunday that it had entered into a term sheet and a letter of intent with Relativity Holdings to make a minimum equity investment of US$50 million (S$70 million) and up to US$150 million.

The deal is subject to approval from the Singapore Stock Exchange.

A version of this article appeared in the print edition of The Straits Times on November 01, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe