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