Company briefs: Frasers Logistics and Industrial Trust

Frasers Logistics and Industrial Trust

The real estate investment trust, which debuted on the Singapore Exchange last June, recorded lower net property income than had been forecast for the first quarter.

The A$30.7 million (S$33.2 million) it took in was 0.6 per cent down from the A$30.9 million forecast while distributable income was 5.1 per cent higher than forecast, coming in at A$24.9 million for the three months ended Dec 31.

Distribution per unit (DPU) came to 1.74 Singapore cents, 6.1 per cent higher than the 1.64 cents forecast. The company attributed the higher distributable income and DPU to interest savings, and lower property operating expenses and trust expenses.

Its portfolio is made up of 54 Australian industrial real estate assets, valued at A$1.7 billion as at Dec 31.

Keppel Offshore and Marine

A unit of Keppel Offshore and Marine is on track to deliver its first floating production, storage and offloading vessel to a wholly owned subsidiary of Malaysian offshore production and support services provider Yinson Holdings.

The vessel will be chartered to process oil and gas from a block off Ghana. It has a storage capacity of 1.7 million barrels and an oil-processing capacity of 58,000 barrels per day.

New Silkroutes Group

Mainboard-listed investment holdings company New Silkroutes Group will acquire an 80 per cent stake in New York-based CG Capital Market Holdings and all its subsidiaries for US$14.4 million (S$20.4 million).

CG Capital Market Holdings specialises in fixed-income market making, and provides capital raising and advisory services to companies and projects in sectors such as technology and life sciences.

New Silkroutes said the acquisition would give it a boost in the United States and help it diversify its income streams.

The company earns the bulk of its revenue from oil trading.

It said it would issue new shares to fund the acquisition, with the issue price at three Singapore cents above the average closing price of its stock in the five trading days prior to the completion date of the acquisition.

The figure will be converted into US dollars.

A version of this article appeared in the print edition of The Straits Times on February 04, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe