Company Briefs

Cache Logistics Trust

Distributable income for the fourth quarter rose 4.7 per cent to $17.6 million and 1.6 per cent to $68.0 million for the year. Distribution per unit fell 3.4 per cent to 2.074 cents for the quarter while it was down 0.9 per cent to 8.5 cents for the year.

Gross revenue rose 16.6 per cent to $24 million for the quarter and was up 8.3 per cent to $89.7 million for the year.

But net property income fell 1 per cent to $19.2 million for the quarter and was 2.4 per cent lower at $76.2 million for the year.

Net property income was lower mostly due to the conversion of several properties from master lease to multi-tenancy, leading to a slight increase in vacancy and property expenses, the trust's manager said.

Mapletree Logistics Trust

Amount distributable to unitholders rose 0.6 per cent year-on-year to $46.5 million for the third quarter.

This was as gross revenue rose 7.3 per cent to $88.9 million in the three months to Dec 31, thanks to full contribution from four properties acquired in China, South Korea and Singapore in the 2014/2015 financial year, and contribution from three properties bought in Australia, South Korea and Vietnam in the 2015/2016 financial year, along with higher revenue from properties in Hong Kong and China. Distribution per unit for the third quarter was 1.87 cents, similar to a year earlier. Net asset value per unit was $1.02 at Dec 31, down from $1.03 at March 31.


The provider of offshore support vessels and integrated marine solutions has signed an subscription agreement for the proposed investment of $23.65 million from two subsidiaries of China's state-owned rail corporation CRRC.

As part of the agreement, CRRC's subsidiaries will subscribe for a total of 550 million new ordinary shares in Vallianz at 4.3 cents apiece. The shares issued to CRRC will be subject to a moratorium period of one year from the date of completion of the investment, Vallianz said yesterday.

Both Vallianz's major shareholders, Swiber Holdings and Rawabi Holding, will observe a similar moratorium period of one year on their existing shareholdings. On completion, CRRC will be a substantial shareholder of Vallianz with equity interest of about 13.9 per cent in the company's enlarged share capital.

A version of this article appeared in the print edition of The Straits Times on January 26, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe