Raffles Medical splurged $54.8m on Taman Warna property
5-storey commercial building project underway.
According to OSK, Raffles Medical has announced the acquisition of a property at 100 Taman Warna, located at the junction of Taman Warna and Holland Avenue and within the Holland Village enclave, for a purchase consideration of SGD54.8m.
Here's more:
The 99-leasehold site sits on a land area of 1,942sqm and is adjacent to the Holland Village MRT Station. Raffles Medical intends to re- develop the existing property into a 5-storey commercial building with a gross floor area of 67,720 sf.
On completion, it will lease 2 storeys of the revamped building for its outpatient medical and specialist clinics, while leasing out the remaining space to DBS Bank and other retail tenants.
With all-in development cost at SGD65m, the acquisition is reasonably priced at S$1036 psf ppr, enabling the group to secure its own medical premises on attractive terms while generating rental income from the excess space. Raffles Medical is increasingly spreading its wings into overseas markets.
In China, it has secured joint venture agreements to develop 2 hospitals this year, the first in Shenzhen to develop a private hospital with the China Merchant Group, and the second one in Shanghai with the Shanghai government to develop an international hospital. It owns a majority stake of 70% in both projects, which are expected to cost a total development cost of SGD400m.
Its Singapore operation, meanwhile, continues to grow steadily, underpinned by operating leverage from its hospital operation. We expect robust healthcare demand in Singapore to translate into continuing earnings growth for the group. Maintain Neutral with TP of SGD3.30 on valuation grounds.
The Board of Directors (“Board”) of Asiasons Capital Limited ("Company") refers to the announcement of the Company dated 17 September 2013 in respect of the subscription agreement (“Subscription Agreement”) with the subscribers of the Subscription Agreement (“Subscribers”), for the subscription (the "Proposed Subscription") of 212,587,880 new ordinary shares in the Company by the Subscribers (the "SubscriptionShares"),for the total consideration of S$254,000,000 (the “Subscription Price”). Terms defined in those announcements shall have the same meanings herein.
The Board wishes to announce that the long-stop date for the satisfaction of the conditions precedent to the Proposed Subscription was to take place no later than 90 days from the date of the Subscription Agreement
being 15 December 2013. As such the Proposed Subscription has since lapsed.
By Order of the Board
Datuk Jared Lim Chih Li
Joint Managing Director
16 December 2013
Keppel FELS delivers second Super A Class jackup rig to Hercules
Ahead of schedule and on budget.
Keppel FELS Limited (Keppel FELS) announced that it has delivered to Hercules Offshore, Inc. (Hercules Offshore), their second harsh environment KFELS Super A Class jackup rig, subsequently named Hercules Resilience.
It was officially delivered on 30 November 2013, 45 days ahead of schedule, on budget and with a perfect safety record.
The first KFELS Super A Class rig for Hercules, Hercules Triumph, was delivered in April this year, 46 days ahead of schedule.
Designed for the harsh environmental conditions of the North Sea (UK Sector), the ultra high-specification jackup rig is also able to operate efficiently in virtually all parts of the world outside Norway and the Arctic.
Its enhanced leg design incorporates Keppel’s proven and reliable high capacity rack and pinion jacking system which ensures that the rig is able to jack up securely in a variety of challenging environments, the company said. Mr John T. Rynd, CEO of Hercules Offshore said, “These rigs are among the world’s most elite jackup drilling rigs. The KFELS Super A Class rig provides higher variable load, better drilling capabilities and cantilever load performance as well as a larger deck space and superior accommodation complement.
The initial contract for our first rig, Hercules Triumph, which is successfully working for Cairn India in the Indian Ocean drilling a high temperature, high pressure well, demonstrates worldwide versatility of the Super A design." Developed by Keppel FELS’ R&D arm, Offshore Technology Development (OTD), the KFELS Super A Class is an enhancement of the successful and proven KFELS A Class design.
The Hercules rigs have been customised to meet the requirements of Hercules Offshore and are capable of operating in water depths of 400 feet and drilling depths of 35,000 feet.
Mr Wong Kok Seng, Managing Director (Offshore), Keppel Offshore & Marine and Managing Director, Keppel FELS said, “We are proud to be able to once again deliver another high quality rig to Hercules Offshore well ahead of time and to their highest satisfaction.
This is the Keppel hallmark.
Leveraging our expertise and experience, we work closely with our customers to ensure win-win results.
“Our proprietary KFELS Super A Class has been designed to operate efficiently in a wide variety of environments, especially cold climate areas with harsh conditions.
This is the third such rig delivered and with another three on order, we believe the KFELS Super A Class design will become an industry benchmark for jackups of its class, following in the footsteps of our KFELS B Class design.” The KFELS Super A Class is equipped with the state-of-the-art pinion overload detection, rack phase difference detection, and brake failure and overload protection devices.
In addition to having strong drilling capabilities and cantilever load performance, the KFELS Super A Class has a two million pound hook load drilling system and includes a spacious deck and amenities to accommodate 150 men.
Keppel FELS has also delivered a KFELS Super A Class jackup rig to Ensco and is currently building another three more for them.
Singapore Exchange (“SGX”) is pleased to welcome the listing of Wilton Resources Corporation
Limited (“Wilton Resources”) on Catalist, under the stock code of “5F7”.
Hartawan Holdings Ltd (“Hartawan”) acquired Wilton Resources for a consideration of S$300
million, satisfied by an issue of shares by the company. As part of the exercise, Hartawan was
renamed as Wilton Resources Corporation and placed out 1.5 billion shares to new investors at
$0.20 per placement share.
Wilton Resources is an investment holding company that is engaged in the business of exploration
and mining of gold, and production of gold dore in Indonesia. It has commenced extraction of gold
ore in the Pasir Manggu deposit in West Java Province, Indonesia.
Wijaya Lawrence, Chairman & President of Wilton Resources, said: “This is indeed a significant
day for Wilton as we commence a new chapter as a corporation listed on a well-regarded
international exchange such as the SGX. As a listed entity with a new strategic direction, we
endeavour to enhance value for our stakeholders and uphold the highest standards of corporate
governance.”
Lawrence Wong, Head of Listings at SGX, said: “We are pleased to welcome Wilton Resources to
Catalist. Its listing adds to SGX’s mineral, oil and gas (MOG) sector and the choice of our
investors.”
The listing of Wilton Resources, with a market capitalisation of $436 million, brings the total
number of SGX-listed MOG and related companies to 19 with total market capitalization of $5.2
billion.
LionGold: Ballarat Gold Mine Delivers A 55% Increase In Its Mineral Resource Estimate To 112,200 Ounces Of Gold
17 Dec 2013 09:51
An updated Mineral Resource, reported in accordance with the JORC Code 2012, has been estimated for LionGold's 100% owned and operated Ballarat Gold Mine in Australia. Ballarat's Inferred Mineral Resource now totals 411,000 tonnes at a grade of 8.5 g/t gold for 112,200 oz gold as compared to the previously released resource estimate of 263,000 tonnes at 8.5 g/t gold for 71,700 oz gold reported in July 2012. The update confirms the current evaluation strategy at the mine and builds a base for further mine life...
Rex: Schlak #3 In North Dakota Reached Stable Early Production Of 50-60 Bpd Of Oil
16 Dec 2013 10:53
Rex International Holding Limited has been informed by Fram Exploration ASA, the operator of the Colorado and North Dakota concessions, that Schlak #3 in North Dakota will be the first well to be put on production, following oil discovery made with the assistance of Rex Virtual Drilling technology. The onshore well has now reached a stable early production of about 50-60 barrels per day of oil...
NextInsight
a hub for serious investors
PROPOSED PLACEMENT