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OBS' s orchard road slightly busy today.
Not Xmas yet leh.
Not Xmas yet leh.
Still not moving...😓
How much HPL worth after taking over SPH? 🤔
HPL, Ong Beng Seng, Temasek units CLA and Mapletree in rival offer for SPH
S$2.10-a-share full cash offer pips Keppel' s S$2.099 bid in cash and Reit units
A CONSORTIUM comprising Hotel Properties (HPL), HPL: H15 +4.55% businessman Ong Beng Seng, and two Temasek-linked entities, CLA and Mapletree, is proposing to acquire Singapore Press Holdings (SPH) SPH: T39 0% at S$2.10 per share in cash.
In an announcement on Friday (Oct 29) before the market opened, the consortium announced it had on Thursday submitted to the SPH board a proposed acquisition for all the shares of SPH via a scheme of arrangement.
The consortium vehicle, Cuscaden Peak, is 40 per cent held by a HPL unit called Tiga Stars, 30 per cent held by Temasek unit CLA Real Estate Holdings, and 30 per cent held by the Mapletree group. Property group Mapletree is also a Temasek-linked entity.
CLA owns property group CapitaLand, real estate assets in Australia and investments in the life sciences sector. It is the majority owner of CapitaLand Investments.
Tiga Stars is 70 per cent owned by HPL and 30 per cent owned by Como Holdings. The latter is beneficially owned by Ong Beng Seng, who is also the managing director and deemed controlling shareholder of HPL.
The offer price proposed by Cuscaden is slightly higher than what has been offered by Keppel Corp, another Temasek-linked entity.
SPH had in August received a privatisation offer from Keppel Keppel Corp: BN4 +0.19% at S$2.099 per share. This offer comprises cash of S$0.668 per share, 0.596 Keppel Reit unit (valued at S$0.715) and 0.782 SPH Reit unit (valued at S$0.716) per share. It is also to take place via a scheme of arrangement.
Based on Thursday' s (Oct 28) closing price of S$1.10 and S$0.975 respectively for Keppel Reit Keppel Reit: K71U +2.73% and SPH Reit SPHREIT: SK6U 0% units, Keppel' s privatisation offer would have been worth around S$2.086 per share.
The Keppel deal also includes a break fee of S$34 million payable by SPH if a superior competing offer emerges that the independent directors deem more favourable for shareholders.
Keppel also has the option, in the event a competing offer emerges, to make a voluntary conditional cash offer for SPH in lieu of proceeding with the acquisition by way of the scheme.
SPH said on Friday evening it is considering Cuscaden' s proposal with a view of maximising shareholder value. It has notified Keppel of the offer, and Keppel has the opportunity within 10 business days to improve its current proposal.
Keppel said on Friday morning it is reviewing the matter and will make an announcement at the appropriate time.
SPH owns 65.4 per cent of SPH Reit. The consideration of 0.782 SPH Reit unit under Keppel' s proposed privatisation offer is part of a distribution-in-specie of 45.4 per cent of SPH' s stake in SPH Reit, while Keppel would retain 20 per cent of SPH Reit.
Cuscaden said that subject to the finalisation of the terms of the possible scheme, the completion of its proposed cash acquisition of SPH will result in Cuscaden incurring an obligation to undertake a chain offer for all units in SPH Reit in accordance with the Singapore Code on Take-overs and Mergers.
Cuscaden said its proposed consideration will not be reduced or adjusted for the break fee, nor for SPH' s dividend of S$0.03 per share for FY2021 ended Aug 31.
The Cuscaden proposal is also subject to SPH accepting and finalising the terms of the scheme with Cuscaden and entering into definitive agreements to effect the scheme. There is currently no legally binding agreement between SPH and Cuscaden.
Several analysts The Business Times spoke to expressed confusion about the current situation.
CGS-CIMB analyst Lim Siew Khee said the consortium may have decided to bid for SPH on account of its rich portfolio. She added the competing offer also gives SPH shareholders more options to cash out their shares.
Phillip Securities senior research analyst Terence Chua said SPH shareholders could find the consortium&rsquo s offer a better deal, since it is a cash-only deal compared to Keppel&rsquo s offer giving shareholders both cash and shares.
He said the consortium could also be drawn to SPH&rsquo s purpose-built student accommodation (PBSA) portfolio, but added it is unclear what the consortium would do with other assets that do not seem to fit into its members&rsquo current businesses. In particular, such assets would include SPH&rsquo s stake in telco M1 and its Genting Lane data centre assets.
&ldquo For Keppel, there is a clear strategic proposition because (the deal) would have consolidated their holdings and made it easier to make decisions as a sole shareholder,&rdquo Chua said.
Keppel is also a partial owner of M1 and has partnered SPH in the development of the Genting Lane data centre facility. Also, Keppel subsidiary Keppel Telecommunications & Transportation is sponsor of Keppel DC Reit. The latter is a real estate investment trust with a focus on data centre and other new economy assets and has recently announced a deal to invest in some M1 assets.
&ldquo Assuming (the consortium is) successful, it... would have to work with Keppel for so much of these overlapping assets. But they probably still see the value and that&rsquo s why they put up the bid,&rdquo Chua added.
For now, Chua said Keppel may have to consider making a better offer in place. But the conglomerate would also have to keep an eye out on its net gearing, which was at 0.76 times as at Sep 30, 2021.
Travis Lundy, an analyst at Quiddity Advisors, which publishes on SmartKarma, said in a report the deal bears watching.
&ldquo And as every good event person knows, if the stock goes higher on expectation of a higher bid because the bidders have room to bid higher, it is more likely to get a higher bid,&rdquo he said.
United First Partners' head of Asian research Justin Tang noted that Ong is a notable member of the consortium. The Malaysia-born tycoon played a key role in bringing the Formula One race to Singapore, and had also partnered with Temasek back in 2002 to launch a takeover bid for steelmaker NatSteel.
Shares of SPH closed flat on Thursday at S$1.99 each. They were halted on Friday morning. Units of SPH Reit, also halted on Friday morning, had also closed flat on Thursday, at S$0.975 each.
HPL closed at S$3.45, up S$0.15 or 4.6 per cent, while Keppel shares rose S$0.01 or 0.2 per cent to close at S$5.38 on Friday.
Agree. Just to remind people HPL and OBS are still alive
sengkang ( Date: 29-Oct-2021 13:36) Posted:
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HPL is overdue for privatisation by OBS' s 68 holdings.
This sph bid is just sideshow only.
This sph bid is just sideshow only.
lifeisgood ( Date: 29-Oct-2021 09:36) Posted:
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Of course good lah.... SPH property assets very valuable. Can combine with HPL orchard rd assets, can do redevelopment etc... Govt want to rejuvenate Orchard Rd again. Post covid stimulation mah.
sengkang ( Date: 29-Oct-2021 09:25) Posted:
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Good news?
spursfan ( Date: 29-Oct-2021 06:40) Posted:
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Asset Acquisitions and Disposals::Joint Venture Announcement - Proposal to Acquire Singapore Press Holdings Limited.....https://links.sgx.com/1.0.0/corporate-announcements/Y3YBGEUQJ9N5XHCX/688632_Joint%20Venture%20Announcement.pdf
HPL' s Hilton Singapore along Orchard Road to be rebranded voco under IHG
THU, JUN 03, 2021 - 3:39 PM
UPDATED THU, JUN 03, 2021 - 4:15 PM
The landmark Hilton Singapore hotel along Orchard Road will be rebranded to voco Orchard Singapore come January 2022
PHOTO: GOOGLE MAPS
HOTEL Properties Limited' s (HPL) landmark Hilton Singapore along Orchard Road will be rebranded to a fairly new brand under IHG Hotels & Resorts.
The 423-room voco Orchard Singapore will open its doors in January next year. voco, a premium brand in the IHG stable, was launched in 2018 and has " quickly reached the milestone of 50 signed hotels (some of which have opened) in more than 20 countries - marking IHG' s fastest-ever global expansion" , the hotel chain said.
The Singapore property will be the first voco hotel to open in South-east Asia. Existing voco hotels in the region are in places such as Australia and China, with more openings set for Vietnam, Thailand, South Korea, New Zealand and Saipan.
The target is to have 200 voco hotels in leading urban and leisure locations around the world within 10 years.
The first-ever all-suites voco property has been signed in Doha in Qatar, and the first new-build voco hotel has opened for business in Edinburgh, Scotland, with another, in Nanjing in China, preparing to welcome guests later this year.
HPL is different animal altogether from Hong Fok...... it is a much bigger and has a global branded portfolio as compared to Hong Fok...... I fully agree with u better to stick with HPL....... and also has a redevelopment catalyst coming whereas Hong Fok doesnt have any catalyst......
By the way, since Eden has been sold enbloc with enbloc discount at $4900psf, how much do you think a branded residence could command for Hilton / Forum / Four Seasons / HPL redevelopment project?
By the way, since Eden has been sold enbloc with enbloc discount at $4900psf, how much do you think a branded residence could command for Hilton / Forum / Four Seasons / HPL redevelopment project?
Everyone talk Hong Fok.
I prefer to stick with HPL
I prefer to stick with HPL
JTINVESTOR ( Date: 11-Mar-2021 15:43) Posted:
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I remember that too...... without a casino, this mixed development project is a huge project and impact for Orchard Road too...... Boss Ong style is he would use all the brands for the development...... so maybe it will be a huge mixed branded Four Seasons Mixed Development with Four Seasons Hotel and Branded Residences and Shopping Retail for ultra luxury brands
There was a thought one time that HPL could develop its properties into a shopping, hotel, convention cum casino complex
in the heart of Orchard Road, just like the other two IRs. That would be tremendous for HPL, but the moratorium
on casinos was the end of that idea.
in the heart of Orchard Road, just like the other two IRs. That would be tremendous for HPL, but the moratorium
on casinos was the end of that idea.
I think you are right...... this option should not be left out becasue so many of the mega Chinese / Arab / US conglomerate will consider this project because there are no such projects available in Singapore...... so Boss Ong has options now...... good for HPL stock.
But I think HPL will develop the project themselves becasue the timing is great and Boss Ong is Boss Ong... he will only do things that will stir the market and leave a lasting legacy for himself...... this project will be his legacy for Singapore and will leave a big imprint on Singapore' s Orchard Road!...... respect respect to him.
But I think HPL will develop the project themselves becasue the timing is great and Boss Ong is Boss Ong... he will only do things that will stir the market and leave a lasting legacy for himself...... this project will be his legacy for Singapore and will leave a big imprint on Singapore' s Orchard Road!...... respect respect to him.
But I also think the idea of some big group buying out OBS stake should also be considered. Say if some fund or conglomerate offers him $10 per share. Would he be moved?
Just an IF : if they can partner with Wheelock (likely because Wheelock already is a significantl
shareholder of HPL) and get Wheelock Place, and Bonvest, the owner of Liat Tower and the govt for the car park,
then combine with Hilton Hotel, Forum Galleria, HPL House and Four Seasons, that would be huge.
shareholder of HPL) and get Wheelock Place, and Bonvest, the owner of Liat Tower and the govt for the car park,
then combine with Hilton Hotel, Forum Galleria, HPL House and Four Seasons, that would be huge.
lifeisgood ( Date: 10-Mar-2021 12:00) Posted:
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OBS is not getting younger. Whether he will go ahead or not will be known soon.
JTINVESTOR ( Date: 10-Mar-2021 11:52) Posted:
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This stock will gly as long as tehre is news stirring, wwhether it is privatisation or redevelopment. Very likely needs to partner with Capitaland in order to acquire the car park behind Hilton from gahmen.
IMO, I dont think it would be a privatisation. If that was the case, he would have done it last year already...... but you never know. I think he will embark on his trophy project - West Orchard...... timing is good and DC rates also drop, Covd Recovery also, and Chinese buy super high end projects in Singapore to store their money...... RNAV minimum $7