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Steady poon pee pee. Lum Chang share price not affect much during this period. 😀
Lum Chang: Awarded S$85.7 Million Construction Contract For Integrated Development At 2 Serangoon Road.
24 Oct 2017 17:45Lum Chang Holdings Limited' s wholly-owned subsidiary, Lum Chang Building Contractors Pte Ltd, has been awarded a contract for building works at an integrated development located at 2 Serangoon Road, The Contract, valued at S$85.7 million, is awarded by Corwin Holding Pte Ltd, a joint venture vehicle for the Company and a fund managed by LaSalle Investment Management Asia Pte Ltd...
Directors buying up shares in Lum Chang. Expect something good soon...
FINANCIAL EFFECTS
The financial effects of the Transaction are set out below purely for illustrative purposes:
.............................................................................................Before the Transaction...............After the Transaction
Net tangible assets* (&ldquo NTA&rdquo ) as at 30 June 2016 (cents..........................55.75..................................... 56.97
Earnings per Share for the financial year ended 30 June 2016(cents)...... 7.73........................................9.04
Net gearing as at 30 June 2016 (times)..................................................0.29........................................0.04
Lum Chang Orion Pte Limited (" LCOPL" ) had
on 23 December 2016 entered into a share purchase agreement (" SPA" ) with ITC
Investment & Technology Group Companies Limited (the " Purchaser" ), to dispose of its
11,400,001 ordinary shares in Pembridge Palace Holdco Limited (" PPHL" ) representing
100% of the total issued share capital of PPHL (the &ldquo Sale Shares&rdquo ) to the Purchaser (the
" Transaction" ).
PPHL and its wholly-owned subsidiary, Pembridge Palace Propco Limited (&ldquo PPPL&rdquo ) are
special-purpose companies incorporated in Jersey, Channel Islands. PPPL owns the
freehold interest in a hotel located at 52 to 57 Princes Square, London W2 4QB (the
&ldquo Property&rdquo ).
The Transaction is in the ordinary course of the Company&rsquo s business. Following the
Transaction, PPHL and PPPL (&ldquo PPHL Group&rdquo ) will cease to be subsidiaries of LCOPL and
the Company.
2. PRINCIPAL TERMS AND CONDITIONS
The consideration for the Transaction (&ldquo Share Consideration&rdquo ) of £ 13.78 million
(approximately S$24.47 million)1 was arrived at following arm&rsquo s length negotiations on a willingbuyer
and willing-seller basis, taking into consideration, inter alia, the agreed value of the
Property of £ 30.05 million and the proforma unaudited net asset vvalue (&ldquo NAV&rdquo ) of the PPHL
Group as at 31 December 2016.
The Share Consideration comprises the deposit of £ 2.90 million paid by the Purchaser upon
signing of the SPA (&ldquo Deposit&rdquo ) and an exclusivity premium of £ 100,000 previously received
upon signing the exclusivity agreement on 28 November 2016. The balance of £ 10.78 million
payable by the Purchaser (&ldquo Completion Consideration&rdquo ) to LCOPL is scheduled on 6
January 2017 (&ldquo Completion Date&rdquo ).
LCOPL and the Purchaser has provided the standard representations, warranties and
undertakings for transactions of similar nature in the SPA. Any claim by the Purchaser under
the SPA is limited to £ 1. The Completion Consideration is to be satisfied in cash, payable by
the Purchaser to LCOPL.
Based on the proforma consolidated NAV of PPHL Group as at 31 December 2016
(excluding cash) of £ 10.73 million (approximately S$ 19.06 million), the gain after
deducting related selling expenses is £ 2.6 million or approximately S$4.67 million.
.....
Based on the proforma consolidated NAV of PPHL Group as at 31 December 2016
(excluding cash) of £ 10.73 million (approximately S$ 19.06 million), the gain after
deducting related selling expenses is £ 2.6 million or approximately S$4.67 million.
Attending AGM tomorrow at Orchard Parade hotel 10:30 am to see how they going to say on managing the $325 million contract awarded to them by LTA.
" ktv champions "
Seemingly unexciting stock that pays regular div which at current share px translates into an attractive yield > 5%. Once upon a time was involved in stock broking too. Wld it get privatised one day?
HardtoWin ( Date: 26-Oct-2016 22:15) Posted:
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SINGAPORE &mdash A S$325 million project to add a new platform and viaducts at Tanah Merah MRT station by 2024 will lead to shorter waiting times for commuters and greater access to Expo and Changi Airport.
Construction works are expected to start by the end of this year and targeted to be completed in 2024, said the Land Transport Authority (LTA) on Wednesday (Oct 26) as it announced the award of the contract to Lum Chang Building Contractors.
The new platform will enable the station to have two tracks dedicated for travel between Tanah Merah and Changi Airport. This will allow trains of the Changi Airport Line to arrive and depart at Tanah Merah station at shorter intervals as compared to today, thus enabling faster travel to Expo and Changi Airport, said the LTA.
Together with the construction of a new platform, existing East-West Line MRT tracks will also be extended to connect to the new four-in-one East Coast Integrated Depot at Changi. This depot will house trains from the East-West, Downtown and Thomson-East Coast Lines, as well as buses.
During the construction phase, LTA said it will work with contractors to implement dust and noise control measures on site. Noise barriers and privacy screens will be installed along some stretches of the new viaduct to reduce the impact on residents living close to the station.