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Stocks to watch: CapitaLand Mall Trust, Rickmers, SGX, China Minzhong Food

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THE following companies made material announcements before the opening of Wednesday's market:

CapitaLand Mall Trust said that the new Funan mall, when ready in the fourth quarter of 2019, will be a platform that "inspires retail innovation" and offers a "new paradigm" for living, work and play.

Funan will go beyond selling IT products to "incorporating the tech experience throughout the entire integrated development".

The new property will have a total gross floor area (GFA) of 887,000 sq ft. Occupying more than half the GFA at 500,000 sq ft will be the mall, a six-storey retail component which comprises four levels above ground and two basement levels. Three towers will sit above, including two six-storey premium Grade A office towers from Level 5 to Level 10 with a GFA of 266,000 sq ft, and a nine-storey block housing 279 co-living apartment units from Level 4 to Level 12 with a GFA of 121,000 sq ft.

Rickmers Maritime has been offered a restructured secured amortising term loan facility of up to US$260.2 million to refinance all of the trust's present outstanding debt. The offer came from the senior lenders of the HSH syndicate, comprising HSH Nordbank AG (Singapore branch) and DBS.

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The new facility is conditional upon, among others, a successful restructuring of the S$100 million, 8.45 per cent notes that are due in 2017.

The trust is contemplating a debt exchange with its existing noteholders that seeks to exchange the existing principal amount of the notes and interest due thereon, for new unsecured S$28 million fixed rate step-up perpetual convertible securities. These will be convertible at any time into units of the trust at a fixed conversion price, subject to adjustment for various events.

Singapore Exchange said that the total market capitalisation value of its 767 listed companies stood at S$909.7 billion as at end August.

In a market statistics report, SGX said that the turnover value of its securities market fell by 2 per cent month-on-month (m-o-m) and by 27 per cent year-on-year (y-o-y) to S$20.6 billion in August.

China Minzhong Food has submitted to Singapore Exchange the pre-conditional offer announcement, under which special vehicle Marvellous Glory Holdings is planning to make a voluntary conditional offer to acquire all the shares of the mainboard-listed vegetable processor at S$1.20 apiece.

Marvellous Glory said that the offer would not be made unless and until the two pre-conditions are satisfied on or before Dec 31, or other such date as the offeror and ISM may determine in consultation with the Securities Industry Council.

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