Lotte Shopping Said to Plan $1 Billion Singapore IPO of Malls

Lotte Shopping Co. (023530), South Korea’s largest department store operator, is planning an initial public offering in Singapore of some of its shopping malls, said two people with knowledge of the matter.
The sale may raise at least $1 billion and could take place as early as this year, said the people, asking not to be identified as the process is private. The company is still deciding which properties it will include in the sale, which will either be in the form of a business trust or a real-estate investment trust, the people said.

At $1 billion, the IPO would be the third-largest in Singapore this year after sales by Mapletree Greater China Commercial Trust (MAGIC) and Asian Pay Television Trust (APTT), data compiled by Bloomberg show. REITs and business trusts were the biggest fundraisers in Singapore’s IPO market in the past year, raising $4.6 billion out of a total $5.3 billion, the data show.

DBS Group Holdings Ltd., Goldman Sachs Group Inc., Nomura Holdings Inc. and Standard Chartered Plc are managing the sale, the people said.
A call to Lotte Shopping today was unanswered. The company said on June 24 that it’s considering the sale and lease back of real estate assets, without offering any details on timing or value. IFR reported the Singapore IPO plan last month.

Source: Bloomberg

 

Berjaya Sports Toto Trust to list in Singapore by Q4

BToto Trust to list in Singapore by Q4

 Malaysian general election was part of reason for delay

PETALING JAYA: Berjaya Sports Toto Bhd (BToto) will list its business trust early in the fourth quarter of this year, a top official said.
Freddie Pang Hock Cheng, who is executive director of Berjaya Group and BToto, said all approvals had been obtained for the listing of Sports Toto Malaysia Trust (STM-Trust).
“Singapore would be the primary listing. We intend to seek a secondary listing on Bursa Malaysia,” he told StarBiz in response to email queries.

BToto, which is in the numbers forecasting business, had said last December that it had received a conditional eligibility-to-list or ELT letter from the Singapore Exchange Securities Trading Ltd (SGX-ST) for the listing of the STM-Trust on the main board.
Pang had then said the listing would likely take place by the end of January 2013, adding that the proposed exercise was still pending approval from the Monetary Authority of Singapore (MAS) at that time.

Yesterday, Pang said the MAS approval was received in early April and that SGX-ST had since given BToto extensions.
“We are updating our prospectus before we can launch the trust. We are doing that now and expect the listing to be completed early in the fourth quarter of the current calendar year.”
Under the exercise, BToto shareholders will likely get a special dividend of more than 40 sen per share, according to reports.

The numbers forecasting operator had last year revealed its plan to spin off its wholly owned, cash-generating subsidiary Sports Toto Malaysia Sdn Bhd into a business trust that would be listed in Singapore.
In a circular distributed to its shareholders last November, BToto said the listing was expected to raise S$270mil (RM685mil), out of which S$234.95mil (RM597mil), or an estimated RM45 for every 100 BToto shares held, would be allocated as a special dividend to shareholders.

Besides the allocation for special dividend payment, the company also said that part of the proceeds from the listing would be used to retire Sports Toto Malaysia’s existing loans.
As at last December, Sports Toto Malaysia reportedly had a medium-term notes programme valued at RM550mil, which needs to be paid off by 2017.
Essentially, business trusts are business enterprises set up as a trust structure and managed by a trustee-manager, which holds the assets on trust for unit-holders.

Notably, BToto’s decision to list in Singapore was made before business trust rules in Malaysia were finalised.
Since then, however, the Securities Commission has released guidelines for business trusts here.
Bursa Malaysia had in March also issued its amended rules to enable the listing of business trusts on the Main Market of Bursa Malaysia.

Separately, sources had earlier said there had been some concerns by investors in Singapore about the outcome of the general election here and how it could affect BToto’s business.
“But with all that settled now, BToto has resumed its roadshow with investors there and dealings with the authorities in Singapore to get it listed,” said one banking

Source: The Star

Soilbuild to raise up to S$643m in industrial REIT IPO

Developer Soilbuild Group Holdings is looking to raise as much as S$643 million in an initial public offering (IPO) of its industrial and business properties.

 SINGAPORE: Developer Soilbuild Group Holdings is looking to raise as much as S$643 million in an initial public offering (IPO) of its industrial and business properties.

Soilbuild Business Space REIT (Soilbuild REIT) will be offering 586.5 million units at an indicative price range of 77 cents to 80 cents per unit, according to a preliminary prospectus filed with the Monetary Authority of Singapore (MAS).
499 million units will go to investors and institutions in the placement tranche, while 87.5 million units will be offered to the public.
Soilbuild's co-founder Lim Chap Huat has also offered to buy an additional 216.9 million units.
According to the prospectus, the trust expects to offer dividend yields of between 7.5 and 7.8 per cent based on its 2014 projections.
The REIT's initial portfolio will comprise seven business space properties, including two business park developments and five industrial properties.
Soilbuild Group's construction arm Soilbuild Construction Group is listed on the SGX Mainboard.

POSH Semco seeks S$300-S$500 mln IPO in Singapore - sources

(Reuters) - Offshore marine services provider POSH Semco, controlled by Malaysia's richest man Robert Kuok, is seeking to list shares in Singapore in a deal worth S$300 million to S$500 million ($237 million to $395 million), sources said on Monday.
The deal is expected to be launched in September or October, two people with direct knowledge of the deal told Reuters. POSH Semco's market capitalisation is expected to reach nearly $1 billion after its shares are listed, one of the sources said.
POSH Semco, a member of the Kuok Group, did not respond to a Reuters request for comment. The sources declined to be identified because the information has not been made public.

POSH Semco owns and operates a fleet of more than 100 vessels, providing support for offshore oil and gas activities.
The deal will follow the recent initial public offerings of exploration firms KrisEnergy Holdings Ltd and Rex International Holding Ltd in the Singapore market.
Singapore is home to the world's two biggest rig builders, Keppel Corp Ltd and Sembcorp Marine Ltd, as well as smaller oil services companies like Ezion Holdings Ltd .

The deal comes amid a pick-up in listings on Singapore's stock exchange, including those of OUE Hospitality Trust and SPH REIT.
One source said the figures were preliminary as the deal has yet to be launched and that POSH Semco has not determined how existing and new shares will be sold in the IPO.
Bank of America Merrill Lynch, DBS Group Holdings Ltd and Oversea-Chinese Banking Corp Ltd are the bookrunners, the sources said.
All three of the banks declined to comment.
Pacific Carriers Ltd, another company backed by Kuok, sealed a joint venture deal with Dubai's indebted Drydocks World last year. ($1 = 1.2649 Singapore dollars)