UOL Group has agreed to buy a 9.7% stake in United Industrial Corp. for $320.5 million from United Overseas Bank, UOL said in a statement to the Singapore Stock Exchange today.
/theedge/do your homework before trading////
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21-25 of 25
The next Hong Fok style rally ?
alleyboy ( Date: 02-Mar-2021 09:41) Posted:
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This stock silent all the way
Joelton ( Date: 02-Mar-2021 09:32) Posted:
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UIC secures green, sustainability-linked loans worth S$300m
UNITED Industrial Corporation Limited (UIC) announced on Monday that it has secured its first green and sustainability-linked loans amounting to S$300 million from UOB and DBS. They include a S$200 million sustainability-linked loan and a S$100 million green loan.
The green loan will be used to fund major upgrading works at the Singapore Land Tower, which is owned by UIC.
Estimated to be completed by 2023, UIC said the upgrading will introduce more green features to the 39-year-old building, which received the Building and Construction Authority' s Green Mark GoldPlus certification in 2020.
Singapore Land Tower, with average occupancy of over 94 per cent, will remain a live building during the two-year refurbishment period, said UIC.
Meanwhile, the S$200 million loan will be used to refinance existing facilities as well as for general corporate purposes.
Both loans, issued on a 50-50 basis by DBS and UOB, are three-year credit-revolving facilities which allow UIC to draw down or withdraw, repay, and withdraw again within three years.
Chew Chong Lim, managing director and group head of real estate, institutional banking, DBS, said: " We have observed an increased interest in sustainable financing over the past year, and this presents fresh opportunities for us to forge meaningful partnerships to help companies balance business outcomes with meeting the needs of the environment and society."
Jonathan Eu, UIC' s chief operating officer, said: " As we strive towards becoming a more responsible business, we will place a greater focus on key ESG factors that positively impact UIC' s stakeholders."
UIC posts 85% drop in net profit for FY20
DEVELOPER United Industrial Corp (UIC) reported an 85 per cent year-on-year slump in net profit for the full year ended Dec 31, 2020 to S$90.23 million.
The group was weighed down by a fair-value loss on investment properties of S$125.8 million in FY2020, compared to a fair-value gain of S$148.5 million in FY2019. At the same time, its results in FY19 were boosted by a one-off gain of S$210.3 million from the acquisition of additional interest in Aquamarina Hotel.
Stripping out fair value and other gains/losses, the group recorded a net profit of S$217.7 million, 12 per cent lower year on year due to the financial stimulus packages from the government amid the ongoing pandemic and the cost-saving measures rolled out by the group.
Revenue was 15 per cent lower at S$671.13 million, as its property business and hotel operations were impacted by the pandemic. This was partly offset by an increase in revenue from its technology operations, which benefited from a surge in orders from key customers such as government agencies and financial institutions during the pandemic.
Earnings per share worked out to 6.3 cents (including fair-value losses / gains on investment properties), versus 42.2 cents per share in FY19.
In an update on its outlook, UIC said that it is cautiously optimistic about the office and retail sectors as the easing of some restrictions under Phase 3 have allowed for people to gradually return to offices and shops.
It added: " However, demand for office and retail space may face pressure from the paradigm shift towards flexible working arrangements and on-line shopping, and as businesses look at implementing cost-saving measures to keep business costs in check."
UIC expects the hospitality sector in Singapore to experience " significant revenue challenges" this year owing to the absence of a large domestic market, and as travel curbs and lockdowns continue in certain countries.
Meanwhile, in the property sector, it expects residential sales to remain resilient, thanks to low interest rates and fewer new residential launches this year - but this is so only as long as no further cooling measures are introduced.
UIC declared a dividend of 3.5 Singapore cents per share, down from 4 cents for the corresponding period a year ago.
UIC shott up 19 cents in a bearish market. Any fresh development coming up !!!
bsiong ( Date: 22-Dec-2010 23:22) Posted:
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