City Developments' (CDL) wholly owned subsidiary, CDL China, has acquired a prime Shanghai commercial project for 900 million yuan (S$186 million). The acquisition will be made through the purchase of a 100 per cent stake in Shanghai Meidao Investment Co, which owns the commercial development called Meidao Business Plaza in Shanghai's Hongqiao Central Business District.
China is one of CDL's key overseas markets for growth, said Mr Mark Yip, chief executive of CDL China. "(The acquisition) has a prime location in the Hongqiao Central Business District which has been identified for fast growth in the Chinese government's 12th five-year plan and is of strategic importance to Shanghai," he said.
Lum Chang Holdings
Construction firm Lum Chang Holdings' second-quarter net profit sank 55 per cent over the corresponding period a year earlier to $5.5 million, as revenue slid 3 per cent to $97 million.
This was due mainly to lower revenues recognised from two of the group's Malaysian developments as well as a dip in turnover from completed construction projects.
Earnings per share for the three months ended Dec 31 was 1.43 cents, down from 3.13 cents in the same quarter a year earlier. Net asset value per share was 55.13 cents as at Dec 31, down from 55.75 cents as at June 30 last year.
The company declared an interim dividend of 0.3 cent per share.
Auric Pacific Group
The Riady family's offer price of $1.65 per share to buy out Auric Pacific Group is final and will not be revised, a statement yesterday said.
This comes after Silver Creek Capital, an investment vehicle jointly owned by Dr Stephen Riady and his son-in-law Andy Adhiwana, made an offer earlier this month to buy out Auric Pacific Group - the maker of Sunshine bread and owner of Food Junction foodcourts and Delifrance cafes - and take it private.
The statement issued by RHB Securities on behalf of Silver Creek Capital reiterated that Silver Creek Capital is not entitled to compulsorily acquire any remaining shares that have not been tendered in acceptance of the offer, as the offer is not being made for all of Auric Pacific's outstanding shares. This means shareholders who have not accepted the offer once it closes will not have the right to require the offeror to buy their stake.