Company Briefs: Manulife US Reit

Manulife US Reit

The initial public offering (IPO) for Manulife US Reit has been oversubscribed.

Both tranches totalling 396.6 million units drew keen interest. The units were priced at 83 US cents each last week, the upper end of an indicative range.

The international placement tranche of 350.8 million units to investors outside of the United States was "well-received".

Ms Jill Smith, chief executive of Manulife US Real Estate Management, the trust's manager, said: "The IPO was well received by institutional investors and we received good demand for the placement tranche from a good mix of long-only funds, multi-strategy funds and family wealth offices."

The public tranche of about 45.8 million units to Singapore investors, which closed at noon Wednesday, was about 1.6 times subscribed.

The Reit is the first IPO on the Singapore Exchange's mainboard this year and the first pure-play US office Reit to be listed in Asia.

Technics Oil & Gas

Technics Oil & Gas said that its unit Technics Offshore Engineering has received two writs of summons. They are from a former director Ting Tiong Ching and Hup Seng Offshore Engineering.

Mr Ting is claiming for repayment of loans amounting to about $1.933 million as well as interest accrued and legal costs from the unit.

Hup Seng Offshore Engineering, a firm controlled by Mr Ting's relatives, is demanding repayment of loans of $3 million plus interest and legal costs.

Technics Oil & Gas said it has been advised that its subsidiary "has a good defence", and has engaged its legal counsel to "vigorously defend the action".

A similar response was also issued for the Soilbuild Reit legal action. On Wednesday, Soilbuild Reit had filed a writ of summons. It is claiming for rent and other charges plus late payment interest up to this month for the subsidiary's use of the premises at 72 Loyang Way. The claims amount to about $2.19 million. In addition, it is also asking for continuing arrears in rent and security deposit for the second year at about $11.81 million, together with interest and legal costs.

Technics Oil & Gas also announced yesterday that its contract to construct a lifeboat with an option for another similar unit had fallen through. "This is due to non-fulfilment by the parties of a clause in the contract specifying the contract's effective date", it added in the stock exchange filing.

A version of this article appeared in the print edition of The Straits Times on May 20, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe