Company Briefs: Frasers Centrepoint

Frasers Centrepoint

Frasers Centrepoint (FCL) has entered a conditional sale and purchase agreement to acquire three German-incorporated firms for €42.4 million (S$68 million), it said on Tuesday night.

FCL will acquire a 94.8 per cent interest in Logipark Moosthenning and H. Jager Ges fur Projektentwicklung von Immobilien, and 100 per cent of Simblafis.

These entities hold the freehold interest in two warehouse facilities in Bavaria, Germany, and a photovoltaic system on the roof of one of the warehouses.

The properties in Moosthenning are leased on a long-term basis to a leading German car manufacturer, which stores automotive spare parts there. They have a gross lettable area of about 72,600 sq m.

The purchase price took into account the valuation of the assets at €66.25 million as of August and the existing debt of the companies.

The acquisition will be funded from borrowings and internal resources.

Lafe Corp

Lafe Corp chairman Christopher Ho's offer to acquire all the shares in the company that he does not own has been declared unconditional as of Tuesday .

Last week, Mr Ho revised the minimum acceptance condition to 65 per cent, down from 90 per cent. As of Tuesday , he received valid acceptances amounting to 74.98 per cent of the total number of issued shares.

The offer period has been extended to 5.30pm on Oct 30, Lafe Corp said.

Lafe Corp was placed on the Singapore Exchange's watchlist last year. Its operations comprise property investment, property development and property agency and appraisal and consultancy services.

Tee International

Listed engineering firm Tee International reported a first-quarter net loss of $918,000, compared with a net profit of $648,000 in the same period a year ago.

Revenue grew 9.6 per cent to $70.1 million for the three months to Aug 31, mainly owing to higher progressive revenue from ongoing development properties.

Quarterly loss per share was 0.18 cent, compared with earnings per share of 0.13 cent a year earlier, while net asset value per share was 18.9 cents as at Aug 31, compared with 19 cents as at May 31.

A version of this article appeared in the print edition of The Straits Times on October 12, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe