Company Briefs: Apac Realty

Apac Realty

Apac Realty - under which property agency ERA Realty Network has launched its initial public offering - has received interest for 597.6 million placement shares worth about $394.4 million. The placement was about 13.4 times oversubscribed, said the firm yesterday.

There were 3,035 applications for a total of 127.7 million public offer shares as at the close of the public offering on Sept 26, with application funds amounting to about $84.3 million, it said. The offering was about 14.8 times oversubscribed.

The 4.4 million public offer shares available were allocated to 1,275 applicants. Dymon Asia Multi-Strategy Master Fund, which is related to Temasek Holdings and DBS Bank, was allocated one million shares under the placement while RHB Asset Management was allocated 120,000.

CapitaLand Commercial Trust

Ratings agency Moody's has downgraded CapitaLand Commercial Trust's (CCT) issuer rating to "Baa2" with a stable outlook. It has also lowered the senior unsecured rating for CCT MTN to "Baa2" and its senior unsecured medium-term note programme to "(P)Baa2".

The outlook on all ratings was changed to stable from negative. The downgrade follows CCT's recent announcement that it will wholly acquire Asia Square Tower 2 for $2.1 billion, of which $1.1 billion will be funded by debt.

"The downgrade reflects our view that despite the improvement in the overall quality of its asset portfolio following the acquisition, CCT's weakened financial profile is more appropriately positioned at the 'Baa2' level," said Mr Saranga Ranasinghe, a Moody's assistant vice-president and analyst.

shopper360

Malaysia-based shopper360 has inked a non-binding memorandum of understanding with Pahtama Group to incorporate a new joint venture company in Myanmar.

The proposed joint venture company will provide marketing services in the retail and consumer goods industries in the country.

Under the agreement signed on Tuesday, shopper360 will hold 60 per cent stake in the joint venture firm, while Pahtama Group will hold the remaining 40 per cent.

The joint venture, shopper360 said, is in line with its plans to expand operations. It will also allow the company to seize opportunities in Myanmar by providing marketing services in the retail and consumer goods industries there.

A version of this article appeared in the print edition of The Straits Times on September 28, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe