Company Briefs: F J Benjamin Holdings

F J Benjamin Holdings

F J Benjamin Holdings is likely to be placed on the Singapore Exchange (SGX) watch-list, after recording pre-tax losses for three consecutive years. The retailer's average daily market capitalisation over the past six months has also fallen to $38.8 million.

The SGX Listing Manual states that issuers will go on the watch-list if their latest six-month average daily market capitalisation falls below $40 million and if they report three consecutive years of losses.

Global Logistic Properties

Global Logistic Properties (GLP) has signed new leases totalling 66,000 sq m with two global auto makers in Brazil and China.

Fiat Chrysler Automobiles has leased 43,000 sq m in Sao Paulo, Brazil, and Daimler has leased 23,000 sq m in Greater Jinan in eastern China. Both companies are new customer relationships for GLP and will use the facilities to distribute vehicle parts for after-sales service.

Auto-related leasing accounts for about 7 per cent of GLP's total leased area globally.

ISR Capital

ISR Capital has granted a short-term bridging loan facility of $6 million to Tantalum Holding (Mauritius) to advance a rare earth project in Madagascar.

Tantalum owns a permit to explore and develop a concession hosting critical rare earth oxides in Madagascar's Ampasindava peninsula. ISR Capital agreed on June 10 to acquire 19.9 per cent of Tantalum. On July 1, ISR Capital said it had entered into a deal with REO Magnetic to acquire its remaining 40.1 per cent stake in Tantalum. If these deals go through, ISR Capital will hold 60 per cent of Tantalum.

Keppel Corp

Keppel Corp unit Keppel Land will buy 37.5 million shares of Quoc Loc Phat Joint Stock (QLP), an associated company of Keppel Corp.

It is buying the stock, which represents 25 per cent of QLP's issued share capital, from shareholder Pham Quang Hung for about $25.6 million. Keppel Corp will emerge with an effective shareholding in QLP of 45 per cent.

QLP is incorporated in Vietnam and involved in real estate development.

The consideration amount took into account the fair value of the assets and liabilities of QLP, and will be paid fully in cash.

A version of this article appeared in the print edition of The Straits Times on September 28, 2016, with the headline 'Company Briefs'. Subscribe