Company Briefs: Ascendas Reit

Ascendas Reit

Ascendas Real Estate Investment Trust (Ascendas Reit) said its purchase of a Melbourne logistics property for A$24.8 million (S$26.3 million) from Goodman Dandenong Trust has been completed.

Construction of the logistics property, which was slated to be completed in the first quarter, would coincide with lease commencement of 68 per cent of the space to a pre-committed logistics user, the Reit had said earlier. Goodman will provide rental support for the remaining space.

The property is expected to generate net property income yield of about 6.5 per cent in the first year.

mm2 Asia

mm2 Asia yesterday announced the initial public offering of its unit, UnUsUaL, on Catalist.

The spin-off and listing of UnUsUaL follows the lodgement of the preliminary offer document with the Singapore Exchange.

UnUsUaL is placing 97 million shares at 20 cents apiece to raise $19.4 million.

Hong Leong Finance is the sponsor, issue manager and placement agent.

China Fibretech

China Fibretech said the operation of its subsidiary, Shishi Simwa Knitting & Dyeing Co, has been curtailed and will be temporarily shut in the next few days due to non-compliance of sewage treatment and disposal requirements by its sewage treatment service provider, Shishi City Haitian Environmental Engineering Co.

Owing to non-compliance of environmental protection and sewage treatment regulations, Haitian was penalised by the local authority, and output of sewage from all dyeing companies in the Wubao Industrial Zone is being restricted and monitored closely.

Trading in China Fibretech shares will remain suspended until further notice.

A version of this article appeared in the print edition of The Straits Times on April 05, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe