The chief executive officer of property developer Frasers Centrepoint Ltd's (FCL) subsidiary, Frasers Australand, has quit to take the top job at GPT Group, one of the largest owners of office properties on the east coast of Australia.
FCL announced Mr Bob Johnston's resignation in a filing with the Singapore Exchange yesterday, without disclosing any reason for his departure.
It said he will be succeeded as CEO by Mr Rod Fehring, who is currently general manager of the residential division at Australand, which was formed last year when FCL completed its takeover of Australand Property Group.
The Australian Business Review reported yesterday that Mr Johnston is expected to take over in January from GPT's outgoing CEO Michael Cameron, who will move to head Suncorp Group. Mr Johnston headed Australand for seven years before its takeover by FCL.
FCL group CEO Lim Ee Seng, who is also a director on the Frasers Australand board, said Frasers Australand was "well-positioned for growth".
Mapletree Industrial Trust
Mapletree Industrial Trust has declared distribution per unit (DPU) of 2.73 cents for the first quarter ended June 30, following higher occupancies across property segments and higher rentals.
The DPU is 8.8 per cent higher than the 2.51 cents declared in the same period last year.
Gross revenue for the April-June quarter was $81.6 million, 4.1 per cent higher than the corresponding quarter last year.
All property segments, except for stack-up/ramp-up buildings, saw higher rental rates.
Contributions from the build-to-suit project for Equinix Singapore at 26A Ayer Rajah Crescent also led to the improved performance.
Two non-executive directors have left the board of Singtel.
Ms Fang Ai Lian, 65, retired by rotation at the telco's annual general meeting (AGM) yesterday. Ms Fang had chaired the audit committee.
Mr Kai Nargolwala, 65, also retired by rotation at the AGM. He was the lead independent director and chaired two committees.