Company briefs: SMRT Corporation

SMRT Corporation

The High Court has approved Temasek Holdings' buyout of SMRT, bringing the company a step closer to an eventual delisting.

Today is the last day of trading in SMRT. Shareholders will be paid for their shares by Nov 1, and SMRT will be delisted thereafter.

Shareholders had voted on Sept 29 to let Temasek take SMRT private by way of a scheme of arrangement, paving the way for the transport operator to return to state ownership after 16 years.

At an extraordinary general meeting on the same date, shareholders also voted overwhelmingly in favour of SMRT selling its operating assets to the Land Transport Authority for about $1 billion.

Sing Holdings

Property developer Sing Holdings is acquiring a hotel in Melbourne called Travelodge Docklands for A$107 million (S$113 million).

The Australian property is a freehold, 14-storey hotel opened in February 2010, and operates as a limited service hotel.

It is close to Southern Cross Railway Station, and within minutes' walk of Etihad Stadium, the Melbourne Convention & Exhibition Centre and Crown Casino.

The acquisition is an opportunity for the company to expand its core business and diversify its portfolio, it said yesterday.

The hotel will be the company's first hospitality asset, as well as its first foray into the Australian property market.

Keppel Land

Keppel Land associates CityOne Township Development and Quivivet, and their joint venture partner are selling their stakes in Chengdu Century Development (CCDC) for 342.08 million yuan (S$70.60 million).

Keppel Land has an effective interest of 44.05 per cent in CCDC and its effective share of the sale is about 150.69 million yuan .

CCDC was formed as a joint venture company in 2003 to develop The Botanica township project in Chengdu.

The Botanica comprises 9,664 apartments and supporting amenities, including a primary school and kindergartens. All residential units have been sold and handed over to buyers.

The remaining inventories comprise 955 unsold carpark spaces and 10 shophouses from earlier phases.

Following this divestment, Keppel Land will have four projects in Chengdu.

A version of this article appeared in the print edition of The Straits Times on October 18, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe