Corporate digest

Mapletree Logistics Trust

MAPLETREE Logistics Trust (MLT) has entered into a new sale-and-purchase agreement to acquire Mapletree Logistics Hub - Tanjung Pelepas for RM404.8 million (S$130.2 million) after an earlier agreement lapsed.

In a filing to the Singapore Exchange on Friday, it said that the new conditional sale-and-purchase agreement had been entered into by Semangkuk 2, a bankruptcy-remote special-purpose vehicle incorporated in Malaysia, with Trinity Bliss. Trinity Bliss is a company indirectly owned by Mapletree Investments (MIPL) and Itochu Corporation, with MIPL holding 80 per cent and Itochu, the rest.

Trinity Bliss is thus a subsidiary of MIPL, which is also considered a controlling unitholder of MLT.

The trust's manager intends to finance the total acquisition cost through a combination of the proceeds from an equity fund raising carried out last October and November, a drawdown of debt facilities and the issuance of senior asset-backed securitisation medium-term notes.

With a total net lettable area of 131,986 square metres, the property had a committed occupancy rate of 95 per cent as at June 30, while its leases had a weighted average lease expiry by net lettable area of about 3.5 years, with built-in annual rental escalations.

The acquisition is expected to be accretive, with an initial net property income yield of 5.4 per cent, based on the acquisition price.

Kitchen Culture Holdings

KITCHEN Culture Holdings on Friday said former chief executive officer (CEO) Lim Wee Li's recent allegations against the company are "frivolous and without merit".

The company had on Aug 18 received a letter of demand from Mr Lim alleging that certain statements it made were "defamatory, untrue and have impugned Mr Lim's character, credit and integrity".

These statements relate to Kitchen Culture's response to queries from SGX-ST on July 12, in connection with its July 8 announcement on the cessation of Mr Lim as CEO, it said in a bourse filing.

The board, except for independent director Yap Sze Hon, is of the view that Mr Lim's allegations are frivolous and without merit.

It has engaged legal counsel to act for the company and to respond to Mr Lim's lawyers. If Mr Lim chooses to bring a claim against the company, it will "defend itself vigorously", it said.