Corporate digest

Frasers Logistics & Commercial Trust

FRASERS Logistics & Commercial Trust (FLCT) will join the FTSE Straits Times Index (STI) on April 13.

Following the latest review of the STI by FTSE Russell, FLCT will replace Jardine Strategic Holdings (JSH).

FLCT will join six other Reits on the STI, namely Ascendas Reit, CapitaLand Integrated Commercial Trust, Keppel DC Reit, Mapletree Commercial Trust, Mapletree Industrial Trust and Mapletree Logistics Trust.

Emerging Towns & Cities Singapore

EMERGING Towns & Cities Singapore (ECT) has appointed an independent reviewer to review the group's dealings in Myanmar. Nexia TS Advisory will conduct reviews on contractual payments to the Myanmar government ministries and departments, and proceeds from the group's fundraising exercises since the company's investment in Myanmar in October 2016.

This comes after the Catalist-listed property player was queried by Singapore Exchange Regulation in February, after a campaign called Justice for Myanmar alleged that ETC had "contributed millions" to the Myanmar army.

However, ETC maintained in its response that its dealings in Myanmar with the military have been in accordance with local laws that already involve the military.

Nanofilm Technologies

NANOFILM Technologies on Friday said that it has exercised an option to purchase (OTP) to buy a property in Tai Seng Drive for S$30.38 million.

Nanofilm said the OTP was granted by the vendor, GWT International. The consideration was arrived at after arm's-length negotiations, and on a willing-buyer-willing-seller basis, and after taking into consideration the valuation of the property carried out by an independent third-party valuer commissioned by the company, Real Estate Analytics.

The valuation report pegged the market value of the property at S$30.5 million as at March 15. This constituted less than 1 per cent of Nanofilm's market capitalisation as at April 8.

Nanofilm said the proposed acquisition is not expected to have a material impact on the consolidated net tangible assets per share or earnings per share of the group for the financial year ending Dec 31.