OFFSHORE marine company Otto Marine has secured orders worth US$131 million, mainly contributed by the group's chartering business, in the second quarter of its financial year 2015 till date.
The substantial increase in new chartering contracts was attributable to the group's strategy to improve the utilisation rate of the fleet, in view of the potential cost that idle vessels will incur, the group said in a statement on Monday morning.
Utilisation rate for the group's chartering business has also improved for Q2FY15 against the last few quarters, it added.
Homegrown movie producer mm2 Asia on Saturday entered into a convertible note subscription agreement with Phillip Asia Pacific Opportunity Fund to issue up to S$2.875 million in aggregate principal amount of convertible notes due June 30, 2017.
The notes, which will bear interest at the rate of 1.5 per cent per annum on the principal amount, are convertible into fully paid-up ordinary shares of the company or exchangeable into fully paid-up new ordinary shares of its cinema subsidiary, mm2 Asia said in a statement on Monday morning.
Phillip Asia currently holds 9.315 per cent of the issued share capital of mm2 Asia.The net proceeds will be utilised in connection with the proposed acquisition from Cathay Cineplexes of cinemas in two locations in Malaysia, as announced by the company on April 30, 2015.
Lippo Malls Indonesia Retail Trust (LMIR Trust) on Saturday entered into conditional sale and purchase agreements for the acquisitions of Lippo Plaza Batu and Palembang Icon for the purchase consideration of 265 billion rupiah (S$26.8 million) and 790 billion rupiah respectively. The total purchase consideration, including professional and other fees and expenses of approximately S$4 million in connection with the acquisitions, is estimated to be approximately S$110.8 million.
The acquisitions represent an opportunity for LMIR Trust to acquire income-producing quality properties below their independent valuations, and are in line with the manager's acquisition growth strategy of owning retail and/or retail related properties to optimise unitholders' returns, as well as providing potential capital appreciation and long-term growth, LMIRT Management, manager of LMIR Trust, said in a statement on Monday morning.