Company Briefs: Suntec Reit

Suntec Reit

Suntec Reit yesterday reported a distribution per unit of 2.501 cents, largely unchanged from 2.5 cents a year earlier, due partly to a capital distribution from the Park Mall divestment.

The Reit reported a 3.1 per cent drop year on year in gross revenue to $78.94 million for the three months to June 30, owing to the sale of the mall. The impact was however partly mitigated by the opening of Suntec CityPhase 3 after the completion of its enhancement works.

Net property income fell 7.5 per cent to $52.67 million. "The Singapore office market remained sluggish in the second quarter... amid an uncertain global economic outlook," Suntec Reit's manager said in the results announcement yesterday, adding that the local retail sector is also facing challenges.

But performance of the Reit's portfolio, which includes Suntec City and prime office spaces across Marina Bay, is expected to remain stable. Overall, Suntec City Mall occupancy was 97.5 per cent as at June 30, while office occupancy was 98.9 per cent.

Suntec Reit fell 1.5 cents or 0.83 per cent to $1.785 yesterday ahead of the results release.

CNMC Goldmine Holdings

Malaysia-based gold mining firm CNMC Goldmine has been notified by the Kelantan State Lands and Mines Office to temporarily stop its operations at the Sokor gold field.

The order came as part of Kelantan state government's review of CNMC's application for large-scale operation status, which will remove the mining limitation for its Sokor operations, CNMC said in an announcement yesterday. It added that it has worked closely with the relevant authorities and joint-venture partner to ensure the application meets all the requirements. "The board is of the opinion that the temporary stop-work order should be lifted in due course," the announcement added.

CNMC shares were last traded at 46 cents on Tuesday.

Lian Beng Group

Construction and engineering firm Lian Beng Group announced yesterday that it will sell its 10.43 per cent stake in Datapulse to Mr Ng Cheow Chye for $7.59 million in cash.

Datapulse is a mainboard-listed technology firm, and Mr Ng is its executive deputy chairman and chief executive.

Lian Beng shares dropped half a cent or 1.08 per cent to 46 cents yesterday, while Datapulse shares closed flat at 21.5 cents.

A version of this article appeared in the print edition of The Straits Times on July 22, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe