Eagle Hospitality Trust
The manager of Eagle Hospitality Trust (EHT), a property trust backed by Los Angeles-based property investor and developer Urban Commons, has registered a prospectus for EHT's listing on the mainboard of the Singapore Exchange.
The offering price is 78 US cents per stapled security. A total of 580.6 million stapled securities are being offered, comprising an international placement of 535.7 million stapled securities to investors, including institutional and other investors in Singapore, and an offering of 44.9 million stapled securities to the public in Singapore.
EHT is a stapled group comprising Eagle Hospitality Real Estate Investment Trust and Eagle Hospitality Business Trust.
It has an initial portfolio of 18 full-service hotel properties, with a total of 5,420 rooms and an aggregate valuation of about US$1.27 billion (S$1.75 billion).
The assets span states such as California, Texas, Colorado, Utah, Georgia, Florida, New Jersey and Connecticut. Seventeen of the 18 assets are freehold. The issuer has projected an annualised yield of 8.2 per cent for the period from May 1 to Dec 31.
Investors subscribing for stapled securities under the public offer will pay the offering price in Singapore dollars - that is, S$1.07 per stapled security, based on the exchange rate of US$1 to S$1.37.
DBS Bank, on behalf of certain wealth management clients, Gold Pot Developments and Ji Qi, have come on board as cornerstone investors, which will give them a collective stake of 16.7 per cent post-IPO.
The manager intends to raise gross proceeds of US$565.8 million.
Local telco M1 has launched Singapore's first prepaid electronic SIM card for tourists visiting the city-state, with the caveat that it is only available on selected iPhones for now.
The M1 Prepaid Tourist eSIM card will allow visitors to activate tourist prepaid plans on suitable iPhones, allowing them to use both their overseas SIM and M1 prepaid eSIM on one device, without the need to change physical nano-SIM cards, the company said.
Compatible iPhone models include iPhone XS, iPhone XS Max, and iPhone XR.
Inbound tourists may purchase the eSIM card from any Meet & Greet counters, selected Changi Recommends counters, and Cheers convenience stores located at Changi Airport, as well as all M1 shops.