Singapore Stocks News: Singapore Press Holdings (SPH), Mapletree Logistics Trust, ComfortDelGro, and More

Here’s a selection of Singapore-listed companies that released noteworthy announcements this week or towards the end of last week.

ComfortDelGro Corporation Ltd (SGX: C52)

ComfortDelGro is planning to list its wholly-owned subsidiary ComfortDelGro Corporation Australia (CDC) on the Australian Securities Exchange.

The transport operator said the initial public offering, which is planned for the fourth quarter of 2021, will unlock the value of its land transport business assets in Australia.

CDC has operations in Australia’s fastest-growing public transport markets of Sydney, Melbourne, Brisbane, and Darwin.

ComfortDelGro’s Australian business contributed 19% of 2020’s total revenue of S$3.23 billion at the group level.

Mapletree Logistics Trust (SGX: M44U)

Mapletree Logistics Trust is looking to purchase a fully leased, freehold cold-storage facility in Melbourne, Victoria, Australia, for A$42.8 million (S$42.8 million).

The property is 100% leased to Austco Polar, a national and international red meat exporter, for the next 13 years with annual rental escalations.

This will provide the logistics real estate investment trust (REIT) with a stable and growing income stream.

The acquisition, which will be fully funded by debt, is expected to be accretive at the distribution level.

Post-acquisition, Mapletree Logistics Trust will have a total of 13 assets in Australia.

Nanofilm Technologies International Ltd (SGX: MZH)

Since closing at S$5.97 on 13 August, shares in Singapore-listed Nanofilm have tumbled to S$3.96 on Thursday. 

Nanofilm reported last Friday that its 2021 first-half net profit was down 3.1% year-on-year to S$17.9 million. 

The company also announced that its chief operating officer, Ricky Tan, would step down from 16 Aug to pursue other opportunities following Nanofilm’s re-organisation.

After Nanofilm went public in October 2020, we shared three risks that we are cautious about with regard to the company. 

One of them was valuation risk. 

Singapore Press Holdings (SGX: T39)

Evercore, the financial adviser to SPH’s independent directors, recommends that shareholders vote in favour of the proposed restructuring of SPH’s media business.

Here’s an extract of Evercore’s opinion as stated in the circular to SPH shareholders (with emphases) released on 17 August:

“Based upon and subject to the foregoing, we are of the opinion that, as at the Latest Practicable Date, the Proposed Restructuring, from a financial point of view, is in the overall interests of the Company and the Shareholders…

…Accordingly, from a financial point of view, we advise the Directors to recommend that the Shareholders vote in favour of the Proposed Restructuring.”

In turn, SPH directors are recommending shareholders vote in favour of the resolution relating to the restructuring after they reviewed the proposed restructuring and took into account Evercore’s opinion.

SPH will hold a virtual extraordinary general meeting on 10 September to seek shareholders’ approval on the restructuring and formation of a new constitution.

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Disclaimer: The information provided by Seedly serves as an educational piece and is not intended to be personalised investment advice. ​Readers should always do their own due diligence and consider their financial goals before investing in any stock. The writer doesn’t own shares in any companies mentioned.