THE following companies saw new developments that may affect trading of their securities on Monday (Jun 27):
Frasers Logistics(BUOU): THE manager of Frasers Logistics & Commercial Trust (FLCT) announced on Saturday (Jun 25) that it has acquired a freehold logistics development in the UK for a total consideration on a completed basis of £101 million (S$171.7 million).
The forward funding investment will see FLCT fund the development of the new facility by seller Stoford Properties, a UK developer specialising in industrial, production and logistics facilities.
The maximum consideration, which is in line with an independent valuation conducted by CBRE as at Jun 1, includes the cost of development.
TTJ Holdings(K1Q): IN A surprising move, 4 directors of structural steel specialist TTJ Holdings are recommending that shareholders reject the recent privatisation offer of S$0.23 in cash per share made by THC Venture, an investment holding company held solely by TTJ’s executive chairman Teo Hock Chwee.
Buried in a lengthy 222-page circular document posted to the bourse on Friday (Jun 24), the directors said they concur with the independent financial adviser (IFA) – Zico Capital – who advised shareholders to reject the offer on the grounds that it is “not fair and not reasonable”.
Boustead Proj(AVM): BOUSTEAD Projects has acquired an 18-storey freehold luxury mixed-used development along 28 and 30 Bideford Road through its 50 per cent-owned joint venture of the group’s wholly-owned subsidiary, BP-Real Estate Investment.
While the property was independently valued by Savills at S$550 million as at Jun 20, it was acquired for a consideration of S$515 million excluding goods and services tax.
Boustead Projects intends to satisfy its subsidiary’s portion of the consideration by way of cash funded from the group’s internal resources.
Lian Beng(L03): UNITED Tec Construction, which is 60 per cent-owned by construction companyLian Beng Group, secured a new construction project which has bumped up the group’s construction order book in Singapore to some S$1.8 billion.
In a regulatory filing on Friday (Jun 24), Lian Beng said that this order book will provide a “sustainable flow of activity” through FY2026.
Lian Beng did not give further details on the new project that was secured by United Tec Construction, nor did it provide the value of the project.
Shares of Lian Beng closed on Friday at S$0.50, down 1 per cent or S$0.005.
Katrina(1A0)：FOOD and beverage (F&B) company Katrina Group announced on Saturday (Jun 25) that chief executive officer Alan Goh Keng Chian has received a notice to attend an interview in relation to an investigation by the Urban Redevelopment Authority (URA).
The URA investigation involves possible breaches of the minimum stay requirement by ST Hospitality and its subsidiaries.
Katrina on Jun 22 had also announced that 2 employees – a senior employee and a junior employee – of subsidiary ST Hospitality are assisting with the URA investigation.