Latest news with #KevinNeo
Business Times
2 days ago
- Business
- Business Times
Stocks to watch: Keppel Infrastructure Trust, Raffles Medical, Amara, Koh Brothers Eco Engineering, SIA
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (Jun 11): Keppel Infrastructure Trust (KIT) : Its manager is divesting a 24.6 per cent stake in Australian bus service business Ventura Motors for A$130 million (S$109 million). As part of the trust's value creation strategy, the sale will bolster its financial strength and agility while enhancing its ability to capture further opportunities through strategic capital recycling, said Kevin Neo, chief executive of the manager, on Tuesday. Units of KIT closed flat at S$0.395 on Tuesday, before the announcement. Raffles Medical Group : The group has inked a strategic cooperation agreement with First Affiliated Hospital, a hospital in Chongqing, China, to deepen medical partnerships between the two. Under the partnership, a new healthcare collaboration ecosystem will be set up, where the two parties will participate in reciprocal visits and exchanges for personnel and explore new models of cooperation such as on artificial intelligence applications. A new medical consortium will facilitate the flow of medical resources and top expert teams from both hospitals will convene for academic exchanges and consultations, the group said on Tuesday. Shares of Raffles Medical closed at S$0.975 on Tuesday, down 1 per cent or S$0.01, before the announcement. Amara : The hotel and property group will be delisted from the Singapore Exchange as the privatisation offer for it closed with valid acceptances representing 97.74 per cent of total shares. As at the offer's close at 5.30 pm on Tuesday, the total number of shares owned, controlled or agreed to be acquired by the offeror DRC Investments, together with valid acceptances of the offer, was 562 million shares. DRC, a consortium led by property developer Hwa Hong, will compulsorily acquire all remaining shares of Amara it does not own at the price of S$0.895 apiece and make the group its wholly owned subsidiary. Shares of Amara were suspended on Tuesday. Koh Brothers Eco Engineering ; Singapore Airlines : A joint venture between Japanese firm Penta-Ocean Construction and a subsidiary of the construction and engineering company bagged a S$999 million contract for the construction of intra-terminal tunnels at Changi Airport's upcoming Terminal 5 (T5). The intra-terminal tunnels will serve as underground connections within T5, support the transfer of passengers and baggage across the terminal's concourses while facilitating the routing of common utilities, said Changi Airport Group on Tuesday. When T5 opens in the mid-2030s, it will consolidate the operations of Singapore Airlines and Scoot, which are now spread across three terminals. Shares of Koh Brothers Eco Engineering ended on Tuesday 5.7 per cent or S$0.003 lower at S$0.05, before the announcement; SIA shares closed on Tuesday 0.6 per cent or S$0.04 higher at S$7.10 before the announcement.
Business Times
3 days ago
- Business
- Business Times
Keppel Infrastructure Trust to divest 24.6% stake in Australian bus service business for A$130 million
[SINGAPORE] Keppel Infrastructure Fund Management, the manager of Keppel Infrastructure Trust (KIT), is divesting a 24.6 per cent stake in an Australian bus service business, Ventura Motors, for A$130 million (S$109 million). This is a 19 per cent premium from KIT's acquisition price for the relevant stake, said the manager in a bourse filing on Tuesday (June 10). It had in June 2024 acquired a 97.7 per cent interest in Ventura for an enterprise value of A$600 million. With the divestment, KIT will hold a 73.1 per cent share in the company, and its chief executive officer (CEO) Andrew Cornwall, a 2.3 per cent share. The remaining will be acquired by private investment funds managed by Samsung Asset Management. Kevin Neo, the chief executive of the manager, said the move is part of the trust's value creation strategy. The manager's two recent divestments – including the sale of its 50 per cent stake in a storage facility in the Philippines – are valued at around S$301 million. '(This) will bolster KIT's financial strength and agility, and enhance its ability to capture further opportunities through strategic capital recycling,' said Neo. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up He added that the trust will continue working with Ventura's management to strengthen and grow the business, to generate stable, recurring and predictable cash flows. Headquartered in Melbourne, the bus-service provider has a fleet of around 900 buses and 12 depots. It has the largest market share of public bus services in the Australian state of Victoria, and transports more than 42 million people annually. The transaction is expected to be completed by the third quarter of this year, and is subject to conditions precedent as well as approval from regulators and the authorities. It is not expected to have a material impact on the distribution per unit and net tangible assets per unit of KIT for FY2025. Units of KIT closed flat at S$0.395 on Tuesday, before the announcement.
