Company Briefs: AIMS AMP Capital Industrial Reit

AIMS AMP Capital Industrial Reit

AIMS AMP Capital Industrial Real Estate Investment Trust (AA Reit) recorded a 7.3 per cent fall in second-quarter distribution per unit to 2.55 cents.

This came as gross revenue declined 1.3 per cent year on year to $29.5 million for the three months to Sept 30. This was mainly due to lower rental and recoveries from 20 Gul Way as four phases of the property reverted to multi-tenancy leases, the Reit manager said.

The fall was partially offset by rental contributions from 30 Tuas West Road as it became an income producer from February.

Net property income for the quarter inched up 0.7 per cent from a year earlier to $19.4 million.

Distributions to unit holders stood at $16.3 million, a decrease of 6.9 per cent compared with the same period a year earlier, mainly due to temporary differences and tax adjustments resulting in lower Singapore taxable income.


Civmec

Singapore-listed engineering and construction firm Civmec has appointed PwC Australia to formally evaluate options for dual listing on the Australian Securities Exchange (ASX).

Civmec chief executive Patrick Tallon said that with operations based predominantly in Australia, and the company's growth prospects substantially focused on the Australian market, a dual listing on the ASX was "a complementary option for the business to consider".

Civmec executive chairman James Fitzgerald added: "Civmec's future is indelibly tied to Australia, so it makes sense for the board to look at listing with an exchange which is focused on investing in the companies that are so critical to the nation's economy and future growth prospects."

PwC Australia is expected to provide its report to the board in the second quarter of financial year 2018.


China Zhongwang Holdings

China Zhongwang Holdings has acquired a controlling stake in an Australian all-aluminium superyacht builder, as the Chinese firm aims to expand the application of aluminium in the marine sector.

China Zhongwang, the world's second-largest aluminium extruder, said the purchase of the stake in Silver Yachts would advance its aluminium deep-processing strategy to the marine sector. It gave no details on the value of the deal and size of the stake it held in the Australian shipyard.

THE BUSINESS TIMES

A version of this article appeared in the print edition of The Straits Times on October 27, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe