Company Briefs: GuocoLand


Developer GuocoLand has priced its offering of $170 million, five-year bonds at a coupon of 3.85 per cent a year.

The bond deal received orders of over $250 million, with 35 placed, mostly from private bank clients.

The bonds are expected to be issued on Thursday, in denominations of $250,000, and will mature on Feb 15, 2023.

Net proceeds from the unrated bond issuance will be used to finance general working capital, including the refinancing of existing indebtedness and corporate requirements.

Imperium Crown

Property developer and investment company Imperium Crown plans to set up a team to engage in real estate development and real estate management in North Asia.

This will be undertaken by its newly established real estate asset-management arm, WS Global Asset Management.

The group intends to revitalise real estate assets in second- and third-tier cities in China by inviting international retail and entertainment brand names to establish a presence within the real estate assets under the group's management.


Sakae Holdings

Deloitte & Touche, the independent auditor for restaurant chain Sakae Holdings, has issued a qualified opinion on the company's accounting treatment for its investments in two associates, Griffin Real Estate Investment Holdings and Gryphon Capital Management.

The applicable standards require Sakae to use the equity accounting method to account for its share of results and net assets of its associates.

But Sakae has not applied the equity accounting method since the financial year ended Dec 31, 2012.

It said it did not rely on the management accounts of the two associates in the light of "uncertainties" presented by certain ongoing litigation in the Singapore courts.

Instead, Sakae chose to make a full provision for impairment losses on its investments in the associates.

A version of this article appeared in the print edition of The Straits Times on June 10, 2017, with the headline 'CompanyBriefs'. Print Edition | Subscribe