Corporate digest
Lum Chang Holdings
THE mainboard-listed builder's 70 per cent-owned subsidiary, UK Property Investment, has sold a freehold London office building for £54.8 million (S$98.7 million) in cash. Lum Chang said it used the funds to repay an existing loan of £29.9 million secured against the property.
The company is expected to recognise an estimated net gain after tax of about £500,000.
United Hampshire US Reit
UNITED Hampshire US Reit said its Singapore IPO saw a subscription rate of 1.4 times, with 848 applications gunning for 10.3 million units, even though 7.5 million units were available to the public. Its international placement of 80.3 million units to investors outside the US drew indications of interest in excess of US$220.1 million, about 3.4 times the value available for subscription.
Based on the 87.8 million units available in total, the offering was 3.2 times subscribed.
Lendlease Reit
LENDLEASE Global Commercial Reit, which manages office buildings Sky Complex in Milan, Italy, said its tenant Sky Italia has activated its business contingency plan amid the Covid-19 outbreak there. The Reit's manager said Sky Complex provides about 34 per cent to the Reit's net property income.
Q&M Dental
MAINBOARD-listed Q&M Dental Group is joining hands with two Chinese companies to establish a surgical mask-manufacturing company, Q&M said in an exchange filing on Wednesday.
It said it entered into a non-binding memorandum of understanding with Hubei Asihubao Living Supplies, a company that manufactures and sells Class 1 medical devices; and Guangzhou Pharmasen, a medical equipment wholesaler.
