Company Briefs: Frasers Centrepoint

Frasers Centrepoint

The Australian unit of mainboard-listed Frasers Centrepoint has sold an office building in suburban Melbourne for A$45.5 million (S$47 million). The 8,000 sq m property, known as Building 10 at 658 Church Street, Richmond, was sold to Blackrock Asset Management.

It is fully occupied with a weighted average lease expiry of 3.1 years. The strong price achieved is the result of a competitive expression-of-interest campaign, said Frasers Property Australia yesterday.

Tee Land

Property developer Tee Land's Australian hotels and office rental business boosted third-quarter earnings.

Revenue for the three months to Feb 29 rose 10.1 per cent to $9.2 million compared with the same period a year earlier. Net profit climbed 66 per cent to $1.35 million.

Earnings per share was 0.3 cent, up from 0.18 cent a year earlier. Net asset value per share remained unchanged at 34.9 cents as at Feb 29, compared with that on May 31, 2015.

As property cooling measures are not expected to be lifted in the near future, the property markets in Singapore and Malaysia are expected to continue to remain challenging, said Tee Land in a Singapore Exchange filing yesterday.

Swissco Holdings

Offshore and marine company Swissco Holdings said yesterday that its unit has signed a a non-binding memorandum of understanding to acquire VM Marine International from its owner Melvin Rodrigues.

VM Marine International is the owner and operator of offshore support vessels and the parent company of VM Offshore, VM Offshore India, VM Services and Savannah International Offshore.

According to Swissco, Mr Rodrigues and his associates also own Chanella Offshore and Galileo Ship Management and Travel Private, and are in the process of transferring this shareholding to VM Marine International.

The restructuring will mean these companies will form part of the VM Group to be acquired by Swissco.

A version of this article appeared in the print edition of The Straits Times on April 06, 2016, with the headline 'Company Briefs: Frasers Centrepoint'. Print Edition | Subscribe