CapitaLand

CapitaLand unit The Ascott Holdings has agreed to sell its wholly-owned unit Somerset Zhongguancun, which owns a serviced apartment in Beijing, for $125 million in cash to Hong Kong Qianhai Zhongjin Group.

Somerset Zhongguancun Ascott Property Management (Beijing) has also agreed to sell another unit, Beijing Yuanyue Property Management, at an adjusted net asset value of 1.2 million yuan (S$255,000), to Qianhai Zhongjin Assets Management, an associate company of Hong Kong Qianhai Zhongjin Group.

The deals must be completed simultaneously, and completion is scheduled for the second quarter.

Sembcorp Industries

Sembcorp unit China Water Company (Yancheng) has agreed to sell its entire 49 per cent stake in Yancheng China Water to Yancheng City Municipal Utilities Investment Company for 260 million yuan (S$55 million) in cash.

Yancheng China Water runs a municipal water facility in Jiangsu, an eastern coastal province in China. The carrying value of the asset is 100 million yuan.

The divestment is expected to be completed by the middle of this year. A net gain of about $35 million is expected to be recognised upon completion.

Lum Chang Holdings

Construction firm Lum Chang has posted a 66 per cent jump in net profit to $12 million for the second quarter.

Revenue in the three months ended Dec 31 was $100.1 million, up 35 per cent from a year earlier. This was due mainly to two projects reaching their revenue-recognition stage, reporting a contribution of $42.5 million.

Earnings per share stood at 3.13 cents, up from 1.89 cents the year before. Net asset value per share was 55.97 cents as at Dec 31, up from 54.82 cents as at June 30.

An interim dividend of 0.75 cent per share was declared, flat from a year ago and payable on March 11.