GP Hotels
Global Premium Hotels - GPH - (SGX Code: P9J)
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APPOINTMENT OF NON-EXECUTIVE DIRECTOR
The Board of Directors of Global Premium Hotels Limited (“the Company”) is pleased to
announce the appointment of Mr Periakaruppan Aravindan as Non-Executive Director of the
Company with effect from 10 August 2012.
The particulars of Mr Periakaruppan Aravindan pursuant to the requirements of Rule 704(7) of
the Listing Manual of the Singapore Exchange Securities Trading Limited (“SGX-ST”) will be
furnished in a separate announcement.
Following the above appointment, the Board of Directors of the Company now comprise of the
following members:-
Board of Directors
Koh Wee Meng (Non-Executive Chairman)
Lim Chee Chong (Chief Executive Officer and Executive Director)
Periakaruppan Aravindan (Non-Executive Director)
Kau Jee Chu (Independent Director)
Woo Peng Kong (Independent Director)
Kwan Chee Wai (Independent Director)
Source: SGX
PROPOSED ACQUISITION OF THE ENTIRE ISSUED AND PAID-UP SHARE CAPITAL OF
FRAGRANCE HERITAGE PTE. LTD. (“FHPL”)
Unless otherwise defined herein, capitalised terms used herein shall bear the same meaning ascribed
to them in the announcements dated 25 May 2012, 11 July 2012 and 2 August 2012 (the
“Announcements”) issued by Global Premium Hotels Limited (the “Company”).
Further to the Announcements, the Directors of the Company are pleased to inform the shareholders
of the Company that the Company has been notified that FHPL has on 8 August 2012 obtained the
Grant of Written Permission from the Urban Redevelopment Authority of Singapore to redevelop the
Property as a hotel development.
Pursuant to the terms of the Share Transfer Agreement dated on 25 May 2012, completion of the
proposed Acquisition is targeted to take place on 21 August 2012 subject to, amongst others, the
Company obtaining approval from its shareholders atthe EGM to be convened on 17 August 2012 for
the proposed Acquisition.
The Company will make further announcements on any material developments.
- EGM -
NOTICE OF EXTRAORDINARY GENERAL MEETING
NOTICE IS HEREBY GIVENthat an Extraordinary General Meeting (“EGM”) of the Members of Global Premium Hotels Limited (the “Company”) will be held on Friday, 17 August 2012 at 9.00 a.m. at 168 Changi Road #05-01 (Attic level) Fragrance Building Singapore 419730 for the purpose of considering and, if thought fit, passing with or without any modification, the following Ordinary Resolution:
AS ORDINARY RESOLUTION
THE PROPOSED ACQUISITION OF FRAGRANCE HERITAGE PTE. LTD.
THAT:
(a) Pursuant to Chapters 9 and 10 of the listing manual of the Singapore Exchange Securities Trading Limited (the “Listing Manual”), approval be and is hereby given for the acquisition by the Company of the entire issued and paid-up share capital of Fragrance Heritage Pte. Ltd. from Fragrance Group Limited (the “Vendor”) which constitutes an interested person transaction under Chapter 9 of the Listing Manual and a major transaction under Chapter 10 of the Listing Manual, on the terms and conditions of the Share Transfer Agreement dated 24 May 2012, entered into between the Company and the Vendor and
(b) any of the Directors of the Company be and is hereby authorised to complete and do all such acts and things (including without limitation,
to execute all such documents as may be required and to approve any amendments, alterations or modifications to any documents) as
they or he may consider desirable, expedient or necessary to give effect to the transactions contemplated by this Ordinary Resolution.
By Order Of The Board
Mr. Keloth Raj Kumar
Company Secretary,
Singapore
02 August 2012
Notes:
1. A member of the Company entitled to attend and vote at the EGM of the Company is entitled to appoint not more than two (2) proxies to attend and vote on his/her behalf. A proxy need not be a member of the Company.
2. Where a member appoints two (2) proxies, the appointments shall be invalid unless he specifies the proportion of his shareholding (expressed as a percentage of the whole) to be represented by each proxy.
3. A corporation which is a member may appoint an authorised representative or representatives in accordance with Section 179 of the Companies Act, Chapter 50 of Singapore to attend and vote for and on behalf of such corporation.
4. The instrument appointing a proxy or proxies must be under the hand of the appointor or of his attorney duly authorised in writing. Where the instrument appointing a proxy or proxies is executed by a corporation, it must be executed under its common seal or signed on its behalf by an officer or attorney duly authorised in writing.
5. Where an instrument appointing a proxy is signed on behalf of the appointor by the attorney, the letter or power of attorney or a duly certified copy thereof must (failing previous registration with the Company) be lodged with the instrument of proxy, failing which the instrument may be treated as invalid.
6. The instrument appointing a proxy or proxies must be deposited at the registered office of the Company at 168 Changi Road #04-01 Fragrance Building Singapore 419730 not less than 48 hours before the time appointed for holding the EGM of the Company.
SGX - News Release 2 August 2012
FOR IMMEDIATE RELEASE
Global Premium Hotels’ revenue grew 19.6% to S$30.1 million for 1H 2012
•Group average occupancy rate surged 10.5 percentage points to 90.7%
•Excluding one-off IPO expenses, 1H 2012 profit before tax increased 2.8%
yoy to $13.8 million
•Board declared interim dividend of 0.2 cents per share
Singapore, 2 August 2012– Global Premium Hotels Limited (“GPH” or the “Group”), the owner and
operator of the second largest economy-tier hotel chain in Singapore, reported net profit attributable
to equity holders of S$10.0 million for the six months ended 30 June 2012 (“1H 2012”).
$ ’000 2Q 2012 2Q 2011 Change 1H 2012 1H 2011 Change
Revenue 15,224 13,617 11.8% 30,091 25,163 19.6%
Gross profit 13,232 11,956 10.7% 26,220 22,208 18.1%
Gross profit margin
86.9% 87.8% (0.9)p.p 87.1% 88.3% (1.2)p.p
Net profit 3,595 6,387 (43.7)% 9,953 10,714 (7.1)%
Revenue Per Available Room (“RevPAR”) ($)
93.5 88.4 5.8% 92.3 84.0 9.9%
Average Occupancy Rate (“AOR”)
89.7% 80.7% 9.0p.p 90.7% 80.2% 10.5p.p
p.p denotes percentage points
The Group achieved 1H 2012 revenue of S$30.1 million, an increase of 19.6% year-on-year (“yoy”) as
compared to the corresponding period last year. Revenue rose mainly due to stable operations of the
3 hotels that commenced operations in 2011-Parc Sovereign, Fragrance Hotel-Elegance and
Fragrance Hotel-Riverside. These 3 hotels along with the better performance of Fragrance Hotel-Emerald, contributed an aggregate increase of S$4.8million for 1H 2012. Consequently, the Group’s
Average Occupancy Rate (“AOR”), surged 10.5p.p to 90.7% for 1H 2012.
In tandem with the increase in revenue, gross profit improved 18.1% yoy to S$26.2 million for 1H
2012.
Finance cost increased 64.5% to S$2.4 million for 1H 2012 with S$343.5 million of term loans taken to
partially repay the S$558.0 million purchase consideration to Fragrance Group Limited (“FGL”). As
part of the restructuring exercise, the Group acquired six subsidiaries which hold 22 hotels, 19 of
which are sited on freehold lands. The purchase consideration was fully settled on 10 May 2012,
hence higher interest expenses will be reflected inthe Group’s subsequent financial results.
Administrative expenses increased 55.2% yoy to S$11.7 million for 1H 2012, due to one-off Initial
Public Offering (“IPO”) expenses of around S$1.4 million and higher depreciation and staff costs
recorded consequent to the opening of the 3 new hotels in 2011.
Excluding the one-off IPO expenses, profit before tax increased 2.8% yoy to $13.8 million for 1H 2012.
Commenting on the Group’s performance, Mr. Lim CheeChong, Chief Executive Officer of Global
Premium Hotels, explained, “We are pleased with our Group’s performance to-date as RevPAR has
been increasing since the beginning of the year. While boosting our top-line, we will continue to keep
a tight rein on costs by improving efficiency and implementing new measures to decrease cost.”
The Group is constantly on a look out to acquire yield accretive and quality assets to expand its chain
of hotels. In line with this strategy, the Group intends to purchase the entire issued and paid-up share
capital of Fragrance Heritage Pte. Ltd. (“FHPL”), awholly owned subsidiary of FGL for S$25.1 million,
subject to the terms and conditions in the Share Transfer Agreement. FHPL holds a development site
at 165 and 167 Tyrwhitt Road, which upon completionof the proposed hotel building, will have a
gross development value of $150.0 million, as estimated by valuers. Based on the market value of the
property with vacant possession at S$78.0 million and an estimated project development costs of
S$30.0 million, the Group estimates a potential fair value gain of S$42.0 million upon completion of
the hotel. If approved, the new mid-tier hotel willboost the Group’s existing hotel portfolio by another
250-270 rooms, or around 14.4% - 15.5%.
As part of value creation efforts, the Group plans to commence renovations for the 168 room
Fragrance Hotel-Ruby in 3Q 2012. The hotel will be closed while renovations are underway and is
expected to be completed by 4Q 2012. Through asset enhancement initiatives, the Group hopes to
optimise asset potential and maximise returns.
The board has declared an interim dividend of 0.2 cents per share to thank shareholders for their
support.
Outlook
Singapore tourism arrivals in 2012 are expected to increase with the line-up of new attractions
including Gardens by the Bay, River Safari, and Marine Life Park. Supported by enhanced tourism
infrastructure with the opening of the Singapore International Cruise Terminal, the terminal has
effectively doubled berth capacity, further advancing cruise tourism in Singapore. In line with these
initiatives, Singapore visitor arrival grew 12.3% yoy from January to May 2012 to reach 5.9 million
visitors
1, on track to meet the Singapore Tourism Board’s forecast of 13.5-14.5 million visitor arrivals
for 2012.
Despite the tourism statistics pointing towards a positive outlook for 2012 in Singapore, global
economic conditions continue to remain volatile, weighed down by the European debt crisis and
slowing economic growth in the United States and China. Consequently, this may have an impact on
visitor arrivals and the overall hospitality sector. Hence, the Group remains cautiously optimistic for 2H
2012.
– END –
| Dividend Value | Payment Type | Dividend Type | Financial Year End | Dividend Number | Tax Exemption Clause |
| SGD 0.002 Per 1 Ordinary share | Tax Exempted (1-tier) | Interim | 31/12/2012 | NA | Tax-Exempt (one-tier tax) dividend |
| Record Date * | 18-10-2012 |
| Record Time * | 17:00 |
| Date Paid/Payable (if applicable) | 30-10-2012 |
Clinton86, you are very 'CHOON', GP Hotels really declared an interim dividend of 0.2 Cents.
From SGX, " The board has declared an interim dividend of 0.2 cents per share to thank shareholders for their
support. "
chinton86 ( Date: 26-Jul-2012 10:57) Posted:
| At least 2cents dividend will be given out for this Financial Year (Based of estimation n analysis), so once that happen, your cost of investment will drop. However, i do agree, the price might stuck range bound for the time being, and once it moves pass IPO price, it will never look back n multiples will be expected. It's a long term investment to see the returns on this counter. Prepare to keep it for at least 2 years, i don't believe u will lose.
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Thanks for your analysis!starlene ( Date: 02-Aug-2012 18:15) Posted:
GPH back to ipo price 26cts...besides the interim dividend,pushing up so when parent Fragrance go ex bonus( 1 for 1) now at 52cts will not be less tha GPH 26cts..Fragrance may be pushed beyond 62cts or even higher .The last time was pushed to 74cts b4 ex bonus
smallsgshare ( Date: 02-Aug-2012 18:06) Posted:
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" Global Premium Hotels’ revenue grew 19.6% to S$30.1 million for 1H 2012 Group average occupancy rate surged 10.5 percentage points to 90.7%
Excluding one-off IPO expenses, 1H 2012 profit before tax increased 2.8% yoy to $13.8 million
•
Any seniors comments on price movement tomorrow?
Board declared interim dividend of 0.2 cents per share." |
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I think fragrance 60ct no problem but 70ct not sure
" Global Premium Hotels’ revenue grew 19.6% to S$30.1 million for 1H 2012
Group average occupancy rate surged 10.5 percentage points to 90.7%
Excluding one-off IPO expenses, 1H 2012 profit before tax increased 2.8% yoy to $13.8 million
•
Any seniors comments on price movement tomorrow?
Board declared interim dividend of 0.2 cents per share."
DATE OF RELEASE OF THE SECOND QUARTER 2012 FINANCIAL RESULTS
TODAY, 2 August 2012 after trading hours.
Fragrance Hotel Rank 15.
15 Koh Wee Meng
US$1.25 billion
Hotel 81 Rank 25
25 Choo Chong Ngen
US$690 million | Hotels
His Hotel 81 has grown to one of Singapore's largest homegrown hotel chains, with 30 properties.
Forbes Top 40 Singapore Billionaires - 25-July-2012
15 Koh Wee Meng
US$1.25 billion | Real estate
Fragrance Group's property tycoon is a billionaire for the first
time after a 50 per cent rise in shares of the group in the past year.
Singapore's Richest 2012
Singaporean wealth may fluctuate with the world’s economy—GDP
there contracted in the latest quarter—but the island-state’s emergence
as an all-purpose crossroads is having more everyday impact on its
richest. The flowering of universities in Singapore, for instance, is
bringing the private sector added responsibilities to oversee and
support the institutions.
View The Complete List Of Singapore’s 40 Richest
In May, at an opening of the new Singapore University of Technology
& Design, a collaboration with MIT, Chairman Philip Ng was able to
raise $10 million for scholarships in less than two hours. Long a
reluctant public figure even as he headed the wealthiest local family’s
Far East Organization, Ng—now ranked No. 1 with his brother
Robert—rounded up donors like popiah king
Sam Goi (No. 14), who contributed $800,000.
No coincidence: Philip Ng is an MIT grad. He has also been a trustee
of Duke-National University of Singapore (NUS) Graduate Medical School
and the Lee Kuan Yew School of Public
Policy.
The Ng family fortune is listed under him and Robert as coexecutors of
their late father Ng Teng Fong’s estate, which is still in probate.
Meantime, chairing a new joint program of Yale and NUS is Kay Kuok Oon Kwong, cousin of
Kuok Khoon Hong (No. 7) and niece of
Robert Kuok,
Malaysia’s richest man. Real estate magnate Chua Thian Poh (No. 31)
pledged $4 million for another NUS program. “There’s a strong ethos in
the Chinese culture of giving to education,” explains Laurence Lien,
third generation of the Lien family (No. 18), who chairs the family
foundation. In 1953 entrepreneur Tan Lark Sye set the trend, giving $4
million and persuading Singapore’s Hokkien association to donate 500
acres to start Nanyang University, which later became NUS. The main
university has been chaired since 2006 by Wong Ngit Liong, founder of
Venture Corp. and a former rich lister. And Singapore
Management University’s chair is Ho Kwon Ping (No. 40).
Singapore’s 40 richest show a collective net worth of $59.4 billion,
up from last year’s $54.4 billion. The country has 16 billionaires, 3
more than last year. Among them is Eduardo Saverin, Facebook cofounder
and relocated former American, worth $2.2 billion.
Budget hotel magnate Koh Wee Meng joins the billionaire ranks after
shares of his Fragrance Group surged. Another discount hospitality
figure, Choo Chong Ngen, is one of 8 newcomers to the list. Indian
telecom magnate Bhupendra Kumar Modi, who took Singapore citizenship in
January, debuts at $755 million.
Five of the newcomers made marks in property, including brothers Raj Kumar and Asok Kumar Hiranandani (read about
Raj Kumar and son, Kishin RK here),
who split their operation so are listed separately. Tang Wee Kit, who
returns to the list after several years, is best known for his family’s
department store Tangs on Orchard Road.
Of the 30 who returned from 2011, 14 saw their fortunes fall, many on
poor performance at the SGX stock exchange, which is down 3%. One big
loser was Richard Chandler whose group of Singapore-based funds lost
$1.57 billion last year he was poorer by $1.1 billion. Eight from last
year dropped off including luxury property developer Simon Cheong
shares of his SC Global fell 40%.
Ha! Ha! Ha! If we die, Mr Koh die also.
Despite this is a penny stock, but it has substance.
Invest purely base on qualitative point of view - Mr Koh.
Only time will tell, lets see.
chinton86 ( Date: 26-Jul-2012 13:03) Posted:
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If u die, I die....:)
Yes! Max downside is around .25 Cents. Lets see, how this counter will pan out by the end of the year and subsequent years to come.
Wilmar puts a huge dent on people wallet.
chinton86 ( Date: 26-Jul-2012 10:59) Posted:
| Adding to the below, how much u think u can lose with price of ard 25 cents?? Wilmar,Semb mar etc, can drop that amt per day.
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Adding to the below, how much u think u can lose with price of ard 25 cents?? Wilmar,Semb mar etc, can drop that amt per day.
At least 2cents dividend will be given out for this Financial Year (Based of estimation n analysis), so once that happen, your cost of investment will drop. However, i do agree, the price might stuck range bound for the time being, and once it moves pass IPO price, it will never look back n multiples will be expected. It's a long term investment to see the returns on this counter. Prepare to keep it for at least 2 years, i don't believe u will lose.
