Will Lippo make counter-bid for Singapore Robinson?

Will Lippo make counter-bid for Singapore Robinson?

By MICHELLE QUAH

DUBAI’S Al-Futtaim Group on Monday raised its takeover bid for Singapore retailer Robinson & Co to $7.00 a share, from $6.25 previously - pressured by the buoyant performance of Robinson’s stock, which has been trading at an average of $6.64 since the original offer was made two months ago.
All eyes are now on the Lippo Group, Robinson’s largest shareholder, to see if it will sell its stake to Al-Futtaim, hold onto its stake in hopes of the takeover failing, or mount a takeover bid of its own.

Much will depend on what Lippo thinks Robinson is worth - ie, are Al-Futtaim and investors right in betting that the retailer is worth $7.00 a share.

Lippo took up its stake in Robinson in April 2006, when OCBC Bank put its 35.96 per cent stake in the retailer up for sale.

Lippo paid a 17% premium

It won the closed tender by offering $7.90 a share, buying 29.9 per cent of Robinson for $203 million. It didn’t buy the remaining 6.06 per cent to avoid the need to make a general offer for the whole company.

Lippo’s offer price of $7.90 was a 17 per cent premium to Robinson’s last traded share price of $6.75 then - and rumoured to be well above the offers made by other interested parties. Lippo had justified the premium paid for Robinson at that time by referring to the retailer’s regional potential and hefty cash balance.

Lippo’s then-deputy chairman, Stephen Riady, had said: ‘This is a company that has: No 1, excellent branding; No 2, excellent management; and No 3, strong balance sheet. They have so much cash, they are ready to capitalise on the brand and expand in the region.’

Mr Riady said that Robinson should use its investments and cash pile to fuel its expansion into new markets like Indonesia, China and Malaysia, instead of returning it to shareholders.

The value of Robinson - and the strategic direction that has taken - appears to have altered somewhat since then. Its cash balance has been whittled down by payouts to shareholders - instead of being used solely to build the Robinson’s brand and presence in the region.

The retailer’s cash balance stood at $81.88 million as at the end of FY2007, down from a balance of $108.03 million the year before. Robinson had declared a bumper dividend payout amounting to a total of $120.3 million in FY2006 - 3.5 times its full-year net profit.

The regional potential of Robinson also appears to be less than fully exploited. Other than a sizeable presence in Malaysia, with 34 stores, albeit with limited success, Robinson has not aggressively expanded elsewhere in the region.

The retailer has sought to boost its stable of brands within Singapore by adding River Island, Fat Face, Coast, Trucco and Principles to its Robinsons, John Little and Marks & Spencer brands. But growing competition from the deluge of international brand names being brought into Singapore - the likes of Mango, Zara, Massimo Dutti, Gap and Banana Republic - has threatened Robinson’s hold on the local retail market.

And, on paper, Robinson’s net asset value per share was $2.67 as at Dec 31, 2007 - a far cry from Al-Futtaim’s offer price of $7.00.

Al-Futtaim has justified its interest by saying that Robinson will be able to leverage on the group’s extensive retail expertise - Al-Futtaim represents such leading brands as Ikea, Marks & Spencer and Chrysler - while serving as a platform for Al-Futtaim’s geographical diversification in the South-east Asian region.

But does this sort of investment make the same sense for Lippo?

It would be hard to imagine Lippo making a counter-offer for Robinson at above $7.00 a share. Its reluctance to take over the retailer can be gleaned from its refusal, back in April 2006, to buy more than 30 per cent of Robinson and on what little it’s done with the retailer - in terms of leveraging on and building up its brand name and regional presence - since taking up its stake.

It might be easier to fathom Lippo selling its stake in Robinson to Al-Futtaim, which would free up the Indonesian group to concentrate on its heavy investments in property. The $180 million it would receive from Al-Futtaim, for its 25.78 million shares in Robinson, would come in handy in this respect.

Reluctance to bear a loss?

Still, given that Lippo paid $7.90 a share for its Robinson shares in April 2006, it might be reluctant to bear a loss by accepting Al-Futtaim’s offer of $7.00 a share.

Lippo might choose to continue to do nothing, as it has done so far - and hope for Al-Futtaim’s bid to fail. The offer will lapse if Al-Futtaim fails to get acceptances amounting to at least 50 per cent of Robinson, which would make the offer unconditional.

Al-Futtaim already has acceptances amounting to 26.69 per cent - which includes the 23.19 per cent pledged to it by Silchester International, Aberdeen Asset Management Asia and Tecity.

Without Lippo’s help, Al-Futtaim will have to secure the remaining 23 per cent or so worth of acceptances by itself. OCBC’s stake of some 6 per cent could go far in deciding the outcome, by the offer deadline of April 3.
Source : Business Times  - 19 March 2008

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Kingsmen wins $14.5m Resorts World contract - Singapore

Kingsmen wins $14.5m Resorts World contract - Singapore

It will build props and show sets at Universal Studios’ Sentosa theme park
By WINSTON CHAI

SINGAPORE’S Formula One and Sentosa integrated resort projects are a boon to Kingsmen Creatives.
 
Major boost: The latest deal covers the Waterworld Attraction within the mammoth amusement park and is set to be completed in 2009 
The communications design and production group said yesterday that it has won a $14.5 million deal by Resorts World at Sentosa to build props and show sets for RWS Universal Studios Singapore. The theme park is a major feature of the upcoming $6 billion mega-resort being built by Resorts World at Sentosa, a subsidiary of Genting International.

This contract marks another major win for Kingsmen in recent months. In December 2007, it clinched a five-year $25 million deal to build part of the grandstand and corporate suites for the upcoming Singapore Formula One race.

The latest contract covers the Waterworld Attraction within the mammoth amusement park and is expected to be completed in 2009.

The deal is expected to contribute ‘positively and materially’ to Kingsmen’s financial results for this financial year and the next.

‘We are indeed delighted to have secured the first contract by Resorts World to supply show sets and props for the numerous planned themed attractions of Universal Studios. This contract reaffirms the inherent capabilities we have and our strong position in the industry,’ said Benedict Soh, executive chairman of Kingsmen.

‘We are confident of our ability to deliver and will continue to pursue more opportunities to support the upcoming integrated resorts in Singapore.’

Together with its affiliates, Kingsmen has a regional network of 16 offices in Asia Pacific and the Middle East.

Major events managed by the group include the i-Space Exhibition and the Nano-technology Exhibition, Tax Free Asia Pacific, Home Team Academy Museum, the Army Museum, Communic Asia 2007 and Sibos 2007.
Source : Business Times  - 19 March 2008

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Mapletree Logistics buys two Singapore warehouses for $56m

Mapletree Logistics buys two Singapore warehouses for $56m
MAPLETREE Logistics Trust (MapletreeLog) is acquiring two warehouses in Singapore for a total consideration of $56 million.
MapletreeLog, through its trustee, HSBC Institutional Trust Services (Singapore) Ltd, has signed two put and call option agreements to acquire the two warehouses from Cougar Holdings Pte Ltd, a wholly owned subsidiary of Menlo Worldwide LLC, the global logistics unit of New York- listed Con-way Inc.

The two properties, located at Boon Lay Way and Benoi Road, cost $48 million and $8 million, respectively. The properties will be leased back to Menlo’s Cougar Express Logistics for an initial term of 10 years with an option to renew the lease for further consecutive periods of five years each.

The acquisitions will be accretive to MapletreeLog’s distribution per unit (DPU). The proforma financial effect of the acquisitions on the DPU for the financial year ended Dec 31, 2007 is an additional 0.13 Singapore cent per unit.

Said Chua Tiow Chye, chief executive officer of Mapletree Logistics Trust Management (MLTM), the manager of MapletreeLog: ‘The properties are well located in established industrial areas and are within close proximity to Jurong Port and the larger Jurong Industrial Estate. . . These accretive assets will add to the trust’s stable core of long-term leases which generate stable returns to our unitholders.’

Menlo and its subsidiaries are also MapletreeLog’s tenants in two of its existing properties and the acquisitions will further strengthen the partnership, Mr Chua added.

The acquisitions are expected to be completed by Q2 2008. MLTM said it is confident that at their completion, MapletreeLog will have sufficient debt capacity to fund the acquisitions wholly by debt. It will explore alternative means of funding should the need arise.
Source : Business Times  - 19 March 2008

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UBS’s Asia-Pac unit in good shape: CEO - Singapore

UBS’s Asia-Pac unit in good shape: CEO - Singapore

By VEN SREENIVASAN

(SINGAPORE) UBS banking group says its Asia-Pacific franchise remains robust and continues to enjoy strong growth, and current problems in the US financial market stem from a cyclical bump which is unlikely to impact the long-term health of the business.
Rory Tapner, UBS’s chairman & CEO for Asia Pacific, said that the bank’s Asia-Pacific business had grown by almost 400 per cent over the last three years and the outlook remained good.

‘I see our numbers every day and we are having a fantastic time here,’ he said in a media teleconference from Hong Kong yesterday.

He described the current turmoil in the financial markets as a ‘nasty blip’ but said the bank’s global franchise was strong enough to ride out the storm.

He also rubbished market rumours and analysts’ prediction that UBS - in which Singapore’s GIC is poised to take a 9 per cent stake for 11 billion Swiss francs (S$15.5 billion) - would have to take more writedowns.

‘These analysts are brilliant as they seem to know more about the company than I do as a board member!’ he quipped.

The world’s largest private bank has already written down 21.3 billion Swiss francs on its sub-prime CDO assets.
 
Mr Tapner said Asia-Pacific currently accounted for almost a fifth of the bank’s global equities and investment banking business. And net new money into its Asia Pacific asset/ wealth management business accounted for a third of its global inflow.

‘And Singapore is the second largest booking centre for our global wealth management franchise, after Switzerland,’ added Gerald Chin, managing director, country head and CEO for Singapore.

Mr Tapner said that given its strong franchise across the region, the bank would continue investing more resources and manpower to grow its business in Singapore and across the region, especially in growth markets like China, India and even Japan, where it sees an opportunity to capture market share from some of its troubled competitors.

In Singapore, the bank’s staff strength has risen threefold in as many years. Contrary to rumours of possible cutbacks, the bank is contemplating investing in more staff and resources, going forward.

‘It had taken decades for us to build up this enviable franchise across the region and we do not change our business plans unless there is a serious systemic failure in the market. Our people don’t make widgets. They are highly trained and sophisticated professionals whom we do not want to let go, just to re-hire at a much higher cost later on.’

Nevertheless, Mr Tapner acknowledged that the industry was being buffeted by a serious crisis of confidence. But he said this had more to do with fear than reality.

‘A lot of what is happening in the last few weeks has to do with commentary by observers and people who are not bankers,’ he said. ‘There is a lot of emotional debate being generated by people who are not in a position of knowledge.’

Pointing to the fire sale of 80-year-old investment bank Bear Stearns within a matter of days, he said that loose talk could cause wild swings in liquidity conditions.

‘I don’t think there is anybody anywhere in the world who truly believes there is not enough money to support the global banking system,’ he said. ‘There is still a lot of liquidity, but some of it can be held back during a loss of confidence.’
Source : Business Times  - 19 March 2008

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Goldman, Lehman spring profit surprise - NEW YORK

Goldman, Lehman spring profit surprise - NEW YORK

(NEW YORK) Goldman Sachs and Lehman Brothers, two of Wall Street’s biggest investment banks, both announced sharp declines in quarterly profits yesterday to a market on tenterhooks.
But investors seemed to have breathed a sigh of relief as the results could have been worse in the face of a credit squeeze that has ravaged US financial markets.

Goldman chairman and chief executive Lloyd Blankfein said ‘market conditions are clearly very difficult,’ while his counterpart at Lehman, Richard Fuld, said the banking industry was facing ‘challenging’ times.

Goldman, Wall Street’s biggest bank by profits and market value, said net income fell to US$1.51 billion, or US$3.23 a share, in the quarter ended Feb 29, from US$3.2 billion, or US$6.67, in the year-earlier period. Quarterly revenue fell 35 per cent to US$8.34 billion.

Analysts on average expected Goldman to earn US$2.57 a share on US$7.3 billion of revenue, according to Reuters Estimates.
 
‘Goldman once again shines in difficult times. Times like these do separate the star performers,’ said Michael Holland, founder of Holland & Co LLC, a money manager overseeing about US$4 billion. ‘This was a stellar report.’ The bank’s trading and principal investments revenue fell by nearly half to US$5.12 billion from last year, and down by 26 per cent from the fourth quarter, reflecting the continued turmoil in financial markets this year.

Goldman also recorded about US$1 billion of net losses on residential mortgage loans and securities, as well as net losses of US$1 billion on higher-risk corporate loans and the declining value of its investments. Before hedges, those loan write-downs were US$1.4 billion.

Turmoil during the quarter also hurt Goldman’s portfolio of direct investments, resulting in a net loss of US$532 million as its stake in Industrial and Commercial Bank of China and other corporate investments fell in value.

Lehman said first-quarter earnings dropped 57 per cent as bond trading revenue plummeted but rising merger advisory revenue helped the investment bank beat expectations.

Many investors were pleased that Lehman managed to avoid massive write-downs after the collapse of smaller rival Bear Stearns Cos Inc cast a pall over the investment banking sector on Monday.

The fourth-largest US investment bank, whose shares rose 13 per cent in pre-market trading, said it earned US$489 million, or 81 cents a share, compared with earnings of US$1.15 billion, or US$1.96 a share, in the same quarter a year earlier.

Wall Street analysts had on average expected earnings of 73 cents a share, according to Reuters Estimates, but some investors had expected results much worse than that, in part because Lehman has roughly US$80 billion of mortgage assets, a sector that has been hit hard.

‘Lehman kind of confounded the doomsayers with these numbers. They’ve shown they have a capacity for dealing with adversity,’ said Michael Holland, founder of Holland & Co LLC.

Lehman Brothers, which was long seen as a bond house but is now more diversified, has seen its share price plummet over the last week amid fears it would suffer the same sort of run on the bank as Bear Stearns did. Bear announced on Sunday that it was selling itself to JPMorgan Chase & Co at a fire-sale price.

Lehman shares have dropped more than 50 per cent this year compared with a 32 percent drop for the broker/dealer sector as measured by the Amex Securities Broker Dealer index. Banking stocks have come under extreme pressure in recent weeks as a broadening credit crisis gripped Wall Street.

The credit squeeze, which has forced many banks to tighten their lending standards, was triggered by rising losses on mortgage investments tied to the US housing downturn.

One of Goldman and Lehman’s rivals, Bear Stearns, came close to collapsing late last week as the liquidity crunch worsened.

Bear Stearns agreed to be taken over by JPMorgan Chase for US$236 million, or just US$2 a share in a deal supported by the Federal Reserve. — Reuters, AFP

Source : Business Times  - 19 March 2008

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Allco Reit fails in legal bid to head off ratings downgrade - Singapore

Allco Reit fails in legal bid to head off ratings downgrade - Singapore

Moody’s lowers rating after court sets aside injunction
By MICHELLE QUAH

(SINGAPORE) Allco Commercial Real Estate Investment Trust (Allco Reit) has failed in its attempt to obtain a court injunction to head off a downgrade by Moody’s Investors Service.
And the ratings agency has gone ahead to downgrade the Reit, as well as signal the possibility of a further cut in ratings.

Allco Reit, represented by Senior Counsel Alvin Yeo of Wong Partnership, had applied for an injunction from Singapore’s High Court to prevent Moody’s from issuing a downgrade on the trust.

It is believed the Reit sought the injunction as it felt that a ratings downgrade would have interfered with its fund-raising efforts.

The application for the injunction had been initiated by British and Malayan Trustees on behalf of Allco Reit.

But the Reit’s injunction was set aside yesterday morning by Justice Choo Han Teck. Allco Reit had intended to appeal the decision, but the High Court announced several hours later that the trust had decided to withdraw its appeal.

Moody’s subsequently went ahead with its downgrade of Allco Reit, announcing its rating yesterday afternoon. The agency lowered the trust’s corporate family rating to ‘Ba2′ from ‘Ba1′ - and retained the ratings on review for further possible downgrade.
 
It said that the review would focus on issues raised by Allco Reit’s announcement on March 9, the progress and terms of its refinancing efforts for debt maturing in coming months and other material developments affecting Allco Reit.

Representatives from Allco Reit, when contacted, declined to comment on the court proceedings. But the Reit’s manager, Allco (Singapore) Limited, subsequently issued a statement on the Singapore Exchange’s website, confirming the ratings downgrade and ongoing review of that rating by Moody’s.

Allco Reit’s concerns about the impact of a ratings downgrade on its fundraising efforts were heralded by Fitch Ratings last week. Fitch had signalled that the credit ratings of Singapore property trusts may change because of expected mergers and acquisitions.

Fitch had expressed concern that the global credit crunch sparked by US mortgage defaults may impact the ability of Singapore Reits to take advantage of any acquisition opportunity and that it would certainly limit the number of any interested parties in any asset disposals.

Allco Reit had earlier this month said that it may sell its Australian assets - properties valued at A$483 million (S$617 million) - which include its 50 per cent interests in Perth’s Central Park office tower and Centrelink Headquarters in Canberra. The Reit is also invested in Allco Wholesale Property Fund which in turn has interests in several properties in Sydney.

Its three key properties - China Square Central and 55 Market Street in Singapore, and Central Park in Perth - had a combined value at the end of December of $1.13 billion, based on the latest revaluation.

Source : Business Times  - 19 March 2008

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Singapore SIA A380 makes European debut in London

Singapore SIA A380 makes European debut in London
LONDON : The world’s biggest passenger plane, Airbus’s A380, touched down in London on Tuesday on its first commercial flight to Europe.

The Singapore Airlines jet, as tall as a seven-storey building and with about 50 percent more cabin space than its rivals, was carrying 449 passengers enjoying increased leg-room and state-of-the-art in-flight entertainment.

Flight SQ308 took off from Changi airport in Singapore at 9:19 am (0119 GMT) on Tuesday and arrived in London at around 2:50 pm (1450 GMT) after 13 and a half hours in the sky.

Its passengers, who were given personalised commemorative certificates to mark the occasion, clapped loudly as it touched down.

The captain of the plane, Gerard Yeap, praised the ride, saying: “It is an absolute pleasure to fly this plane. It’s smooth and it’s quiet and you don’t feel it is a really big plane.”

Passengers spoke of their excitement as they boarded, particularly over the super-luxury comforts available to those who can afford what Singapore Airlines brands “a class beyond first”.

This features 12 suites with full-length beds behind sliding doors, sheets by French designer Givenchy and flat-screen televisions.

“I am looking forward to the suites,” said Briton Bertuccio Ginomr, who owns a cosmetic business.

“This is my second time on the A380 and the suites are awesome.”

Airbus says that the A380 burns 17 percent less fuel per seat than other big airliners and that this will reduce the carbon footprint of each passenger.

“The new aircraft…represents a significant step towards greener flying,” said Singapore Airlines’ United Kingdom and Ireland general manager Marvin Tan.

“Our aircraft will also carry a third more passengers than the B747-400, thus enabling us to satisfy demand without having to increase the number of flights.”

Last week Queen Elizabeth II opened a new, fifth terminal at Heathrow that will handle growing capacity at one of the world’s busiest airports.

The airline will use the A380 on the route between London and Singapore from Tuesday.

The A380’s first commercial flight was in October last year. Its development by Airbus was plagued by serious cost overruns and delivery delays of as much as two years. - AFP/de

Source : Channel NewsAsia  - 19 March 2008

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Singapore HDB launches 576 build-to-order flats in Yishun

Singapore HDB launches 576 build-to-order flats in Yishun

By Lynda Hong,

SINGAPORE : The second batch of flats under this year’s Build-To-Order project was launched on Tuesday.

Called Jade Spring, HDB is offering 576 two-, three- and four-room flats.

The site is located at the junction of Yishun Ring Road and Yishun Avenue 11.

It is also near the town centre where the MRT station, Northpoint Shopping Centre and the future Khoo Teck Puat Hospital are located.

The prices of the units range from S$77,000 to S$253,000. Interested applicants have until 31 March to apply for a flat there.

By the end of the day, Jade Spring received 241 applications, while applications for the HDB’s first batch of Built-To-Order Flats at Punggol Spring have closed.

Only one in 6 applicants will get a flat at Punggol Spring as there were 2,765 applications for its 494 four-room flats. Units there cost between S$200,000 and S$260,000.

HDB says the public can look forward to five more Build-to-Order launches from now till June. - CNA/ch
 

Source : Channel NewsAsia  - 19 March 2008

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Macquarie Global Property unveils plans for Marina View land parcels-Singapore

Macquarie Global Property unveils plans for Marina View land parcels-Singapore

By Rachel Kelly,

SINGAPORE : Macquarie Global Property Advisors (MGPA) says it expects office rentals in Singapore to remain hot, jumping by 10 to 25 percent this year.

The Australian private equity real estate fund management firm is converting two plots of land at Marina View into twin office blocks. The two towers, expected to be completed in 2012, will also house a luxury five-star hotel.

These land parcels drew top dollars from Macquarie Global Property last year. Costing a total of S$3 billion, the sites will soon enjoy a S$5 billion makeover.

Site B, which Macquarie won last December for just under S$953 million, and Site A, for S$2 billion in September - are both on a 99-year lease.

Formerly known as Marina View Parcels A and B, the two-hectare site will be transformed into twin luxury office buildings, one of which will also house a 220-room five-star hotel.

Macquarie expects to announce in the next 3 to 4 months who they will be working with on the hotel.

It says the towers, due to be completed between 2011 and 2012, are well-timed to catch the growing demand for office space.

Simon Treacy, CEO, Asia Investments, MGPA, said: “I think around Asia, we are extremely busy - we see good value emerging around the region. In Singapore, we also think that there will be increased demand in the office sector - rents are likely to grow 10 to 25 percent this year.

“I think over the medium term, people will be surprised because they’ve underestimated the demand in Singapore for modern international grade office space.

“And we’ve seen that in Japan for 2003 and this year in Hong Kong. And, I think it’s a reflection of the solid economy of Singapore and the ongoing growth in a lot of the financial service sectors and wealth management in particular.”

The towers will be more than 40 storeys high and designed by Australian architect Denton Corker Marshall, who also designed the Melbourne Museum and the Australian Embassy in Beijing.

About 60 percent of both buildings will be set aside for office use: Tower A will house 130,000 square metres, and Tower B, 113,580 square metres.

Besides this project, Macquarie Global Property says it is looking out for other bargains.

Mr Treacy said: “I think over the last two years, a lot of investors have probably overlooked and undervalued Southeast Asia. I think now people are seeing very good fundamentals down here, and I think our timing was very good in making a number of acquisitions. We still think there is a very good value in buying… over the next 6-9 months.”

Office rentals in Singapore have been surging because of growing demand and a lack of supply. But more office space is expected to enter the market.

The government is targeting to double office space in the Central Business District to an estimated 2.82 million square metres. - CNA/ch

Source : Channel NewsAsia  - 19 March 2008

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Mapletree Logistics buys two warehouses for S$56m - Singapore

Mapletree Logistics buys two warehouses for S$56m - Singapore

SINGAPORE : Mapletree Logistics has bought two warehouses in western Singapore for S$56 million.

The deal was signed with Cougar Holdings, a unit of the global logistics firm Menlo Worldwide, and covers warehouses at 30 Boon Lay Way and 22A Benoi Road.

The properties are located close to Jurong Port and the larger Jurong Industrial Estate.

Under the deal, the warehouses will be leased back to Cougar Express Logistics unit for 10 years initially. There is an option to renew for further consecutive periods of five years each.

Menlo says the sale of the warehouses is in line with its asset-light strategy.

The acquisitions are expected to be completed by the second quarter of this year. MapletreeLog says the acquisitions will be funded wholly by debt. - CNA/ch

Source : Channel NewsAsia  - 19 March 2008

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