Company briefs
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Guoco Group
The Guoco Group unit looking to take hotel operator GL private has amassed enough valid acceptances to cross the 90 per cent threshold for a compulsory acquisition.
Offeror GuocoLeisure Holdings received valid acceptances representing about 90.71 per cent of all GL stock as at 6pm on Thursday. It will now exercise its right to compulsorily acquire all GL shares after its 80-cent per share offer closes at 5.30pm on April 1 and then delist the firm from the Singapore Exchange.
THE BUSINESS TIMES
Mapletree Logistics Trust
Mapletree Logistics Trust (MLT) has completed the acquisition of five freehold properties in South Korea for 280 billion won (S$332.4 million), it noted on Thursday.
The manager of the Singapore-based property trust stated earlier that the properties with a total gross floor area of nearly 150,000 sq m would meet the needs of third-party logistics firms and e-commerce tenants, and will generate an initial net property income yield of about 4.5 per cent.
THE BUSINESS TIMES
FedEx
FedEx shares climbed after it posted strong profits on higher prices and elevated e-commerce, providing a springboard for accelerated growth expectations as the United States economy recovers from the pandemic.
The company said surging package volumes and pricing gains offset increased labour costs and weather-related expenses during the three months to Feb 28.
The stock has risen less than 2 per cent so far this year after rallying 72 per cent last year.
BLOOMBERG
