Company Briefs: Frasers Centrepoint Trust; Midas Holdings; Wing Tai Holdings

Frasers Centrepoint Trust

Frasers Centrepoint Trust (FCT) is looking to acquire a one-third interest in Waterway Point - a large suburban mall located in Punggol - from its sponsor, Frasers Property, in a $440.6 million deal, it announced yesterday. FCT is also launching an equity fund-raising exercise, with $245.3 million of total proceeds going towards partly financing the acquisition.

The acquisition will be done via a sale and purchase agreement with Frasers Property's wholly owned unit, FCL Emerald (2) Pte Ltd, which currently holds one third of the total issued units of Sapphire Star Trust, an equal three-way joint venture of the vendor, Far East Civil Engineering and Sekisui House. The purchase price was based on an agreed value of Waterway Point at $1.3 billion or $3,502 per square foot of net lettable area on a 100 per cent basis, FCT said yesterday in a regulatory filing.

Midas Holdings

Midas Holdings' court hearing date for a winding-up application has been scheduled for May 24. It does not intend to contest the move.

The troubled aluminium train components supplier said on April 26 that executive director Xu Wei Dong had filed an application to wind up the firm after issuing a statutory demand for unpaid salaries due to him. According to the application, FTI Consulting (Singapore) will be appointed joint and several liquidators.

Midas' net liabilities stood at $81.2 million for the first quarter ended March 31. Borrowings amounted to $84 million, while current cash and cash equivalents stood at $122,000.

Wing Tai Holdings

Mainboard-listed property and retail player Wing Tai Holdings will be issuing $150 million NC5 4.48 per cent perpetual securities. NC5, or non-core 5, refers to securities not redeemed or called before year five.

The securities are expected to be issued on or around May 24, subject to customary closing conditions, the group said yesterday in a regulatory filing. They are also sold at a minimum of $250,000, with distributions to be paid semi-annually on May 24 and Nov 24 of each year, according to bookrunner DBS.

The proceeds will be used by the firm for furthering business activities, including financing its business expansion and as general working capital. Wing Tai shares closed at $2 yesterday, down one cent.

A version of this article appeared in the print edition of The Straits Times on May 17, 2019, with the headline 'Company Briefs'. Subscribe