Company Briefs: China Medical (International) Group

China Medical (International) Group

China Medical (International) Group (CMIG) has agreed to take a majority stake in The Sloane Clinic, an aesthetic and plastic surgery chain in Singapore and Malaysia.

CMIG will acquire a 51 per cent stake each in medical services companies Eastlife and Maxglobe, which own six clinics operating under The Sloane Clinic brand, from Asia Pacific Medical Group for $9.5 million in total.

Asia Pacific Medical is wholly owned by Bain Gamma, a company majority-owned by funds advised and affiliated with Bain Capital Private Equity. The payment comprises $6.5 million in cash and $3 million in shares.

Viva Industrial Trust

Viva Industrial Trust, a Singapore-focused business park and industrial property trust, said its third-quarter distribution per stapled security grew by 9.9 per cent to 1.81 cents.

Gross revenue for the three months to Sept 30 rose by 31.9 per cent to $24.3 million while net property income soared by 39.2 per cent to $17.4 million.

Distributable income climbed by 35.2 per cent to $15.7 million.

The trust's weighted-average portfolio occupancy continued to climb to 88.6 per cent in the third quarter from 87 per cent at end-December, and reflected a marked improvement from the 70.1 per cent occupancy at the time of its initial public offering.

The strong financial performance continued to be driven by the successful acquisition of three properties - Home-Fix Building, 11 Ubi Road 1 and 30 Pioneer Road - as well as the asset-enhancement initiative at Viva Business Park.

The Straits Trading Co

The Straits Trading Company has agreed to sell an office building in Melbourne, Australia, to AFIAA Australia 4 for about A$161.5 million (S$171.8 million).

The property at 114 William Street is a 26-storey office building, including 22 levels of office space, one level of ground retail space and two basement carpark floors.

The property, which sits on 19,978 sq ft of freehold land, provides a total net lettable area of 226,158 sq ft.

It was acquired for about A$125 million and valued at A$134 million as at June 30.

The sale is expected to have a positive impact on Straits Trading's earnings per share for the year ending Dec 31.

A version of this article appeared in the print edition of The Straits Times on October 22, 2016, with the headline 'CompanyBriefs'. Print Edition | Subscribe