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1. PURCHASE AGREEMENTS
The Board of Directors (the "
2010, 19 October 2010 and 3 November 2010. Unless otherwise specified, all capitalised terms used
herein but not otherwise defined shall have the same meanings ascribed to them in the Company’s
announcement dated 11 October 2010 and the circular despatched to Shareholders dated 19 October
2010.
The Board wishes to announce that HSBC Institutional Trust Services (Singapore) Limited (in its
capacity as trustee of the Sabana REIT) (the "
(the "
properties at 30 & 32 Tuas Avenue 8 Singapore 639246/639247, 218 Pandan Loop Singapore 128408,
51 Penjuru Road Singapore 609143, 33 & 35 Penjuru Lane Singapore 609200/609202 and 18 Gul Drive
Singapore 629468 (the "
Pursuant to the exercise of the Call Options by the REIT Trustee, each of the Vendors has today
entered into a sale and purchase agreement with the REIT Trustee (collectively, the "
Agreements
Properties.
Shareholders should note that completion under the Purchase Agreements is conditional upon,
(a) the concurrent completion of the sale and purchase of the Properties and certain other properties
comprised in the initial property portfolio of the Sabana REIT (other than the Properties) in accordance
with the terms and conditions of the applicable sale and purchase agreements, and (b) the listing of the
units in the Sabana REIT and commencement of trading of such units on the SGX-ST.
Board") of the Company refers to its announcements dated 11 OctoberREIT Trustee") has today exercised all the call optionsCall Options") granted to it by the Vendors pursuant to the Option Agreements to purchase theProperties").Purchase") for the sale by each of the Vendors and the purchase by the REIT Trustee of theinter alia,2. DOCUMENTS AVAILABLE FOR INSPECTION
Copies of the Purchase Agreements may be inspected at the registered office of the Company at 51
Penjuru Road #04-00 Freight Links Express Logisticentre Singapore 609143, during normal business
hours for a period of three (3) months commencing from the date of this Announcement.
Business Times - 13 Oct 2010
Freight Links delivers IPO with a difference
Logistics firm breaking new ground with $600m Islamic Reit due to list by year's end
By JAMIE LEE
(SINGAPORE) Freight Links Express Holdings expects to list Singapore's first Shari'ah-compliant real
estate investment trust (Reit) worth about $600 million by the end of the year, sources close to the
deal told BT yesterday.
The trust - which would hold about $850 million of Singapore industrial properties - is expected to be
the world's largest certified Shari'ah-compliant Reit.
The three Shari'ah-compliant Reits now available in the region are all listed in Malaysia. They include
Axis Reit, an office property trust that is currently the biggest listed Islamic Reit with a market cap of
812 million ringgit ($341.2 million).
The other two are Al-Hadharah Boustead Reit, which invests in plantation assets, and Al-'Aqar KPJ
Reit, which focuses on healthcare assets.
Logistics company Freight Links, which owns 51 per cent of the Reit's manager, Sabana Investment
Properties, said in a regulatory filing on Monday that it would subscribe up to 5 per cent of the IPO
and invest as much as $30 million.
The other owners of Sabana Investment Properties are Blackwood Investment, which is run by private
investors and owns 45 per cent of the trust, and Tarian Capital Partners, which owns 4 per cent.
BT understands that Singapore-incorporated Tarian Capital was formerly called Emirates Tarian, due
to its links to Emirates Investments Group (EIG), a Dubai-based company known for glitzy property
projects. EIG sold its stake in Emirates Tarian, which was renamed.
EIG, through the former Emirates Tarian, had its fingers in Singapore high-end property projects in
recent years, including working with Ritz-Carlton to develop the Ritz-Carlton Residences.
Sabana Investment Properties, which was incorporated late last year, has been looking for
warehouses to put into its portfolio since then, a source said.
Freight Links has already sold five properties worth $193 million to the Reit manager. The remaining
properties for the trust - known as Sabana Reit - were acquired from various listed and unlisted
parties.
These included Sim Lian Group, which said in May that it would sell properties worth $46.3 million to
Sabana Reit. Soilbuild Group also sold the trust a warehouse in August for $60 million.
BT understands the listing is aimed at attracting funds from Middle Eastern investors, as few Shari'ahcompliant
products are available.
One distinguishing factor of a Shari'ah-compliant Reit versus a conventional one is in having at least
95 per cent of the gross floor area of the properties adhere to Shari'ah laws, which prohibit any links
with alcohol, tobacco and pork consumption, for instance.
This means that earnings generated from the 5 per cent of gross floor area of the warehouses not
certified to be Shari'ah-compliant cannot be deemed for profit or distributed as dividends, and have to
Varying benchmarks are used by Reits to gauge the level of compliance, given differing schools of
thought in Islamic teaching. Malaysia grants compliance if 80 per cent of the gross floor area follows
Shari'ah law, sources said.
BT understands Sabana Reit is designed to meet stricter requirements expected in the Gulf region -
to draw investors from that area.
The warehouses in the Reit are undergoing the final step in the certification process and are expected
to meet compliance standards, BT understands.
The Reit also has to use Shari'ah-compliant banking and insurance products, given the different
structure under Islamic finance. Under Shari'ah law, businesses cannot make money from interest
fees, for example.
BT understands the upcoming listings of Global Logistic Properties and Mapletree Industrial Trust
have helped boost confidence in the Sabana IPO, which has garnered strong interest from Middle
Eastern investors. The Reit's roadshow is expected to start in November.
Shares of Freight Links surged 6.7 per cent or half a cent to end at eight cents yesterday in response
to Freight Link's announcement made after the end of trading on Monday.
HSBC, Daiwa Capital Markets and UOB are joint book-runners for the Sabana IPO.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
be given to charity.
freight forwarding and warehousing services plans to raise about S$600
million selling shares in an initial public offering for a
Shariah-compliant real-estate investment trust, the Business Times
reported. Freight links plans to list the REIT, which would hold about
S$850 million of industrial properties in Singapore, by the end of this
year, the newspaper said, citing people it didn't identify. The shares
jumped 6.7 percent to 8 Singaporean cents.
upnowhere ( Date: 12-Oct-2010 20:23) Posted:
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What 10cts only.. and u r selling at this price. hahaha come on bro.. be confident a bit
elton81 ( Date: 12-Oct-2010 17:21) Posted:
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francisd ( Date: 12-Oct-2010 15:20) Posted:
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reason???
francisd ( Date: 12-Oct-2010 15:20) Posted:
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Better to take your money and run, before the fall comes.
Cheers.
that time someone said.. this counter is like CWT,.. may go up ard $1
elton81 ( Date: 12-Oct-2010 15:13) Posted:
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upnowhere ( Date: 12-Oct-2010 15:09) Posted:
|
| 14:15:38 | 0.090 | 1,000 | Buy Up |
| 14:15:00 | 0.085 | 9,230,000 | Buy Up |
| 14:14:57 | 0.085 | 426,000 | Buy Up |
| 14:14:56 | 0.085 | 574,000 | Buy Up |
| 14:13:57 | 0.085 | 1,000,000 | Buy Up |
| 14:13:46 | 0.085 | 300,000 | Buy Up |
| 14:13:39 | 0.085 | 90,000 | Buy Up |
| 14:12:50 | 0.085 | 350,000 | Buy Up |
| 14:09:23 | 0.085 | 2,000,000 | Buy Up |
| 12:23:22 | 0.085 | 1,000 | Buy Up |
0.085 cleared.. XD
upnowhere ( Date: 12-Oct-2010 09:11) Posted:
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why the company halt yesterday.. but today no news, top vol. today,,
players start to play?
Their business focus on sea freight forwarding ...CWT is their competitors & DHL is on air-freight.
For me, i would perfer buying on shipping company like COSCO or NOL instead of NVOCC.
Laulan ( Date: 05-Aug-2010 16:40) Posted:
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Singapore, 11 October 2010 – Main board-listed Freight Links Express Holdings Limited
("
groups in Singapore, has entered into proposed sale and leaseback transactions with Sabana
Investment Partners Pte. Ltd. ("
Industrial Real Estate Industrial Trust (the "
consideration of S$192.95 million, with a leaseback period of 5 years (the "
Leaseback
the Monetary Authority of Singapore), the Sabana REIT is a Singapore-based real estate
investment trust to be established and authorised in Singapore principally to invest in incomeproducing
real estate used for industrial purposes in Asia, as well as real estate-related assets.
The five properties are at 30 & 32 Tuas Avenue 8, 218 Pandan Loop, 51 Penjuru Road, 33 & 35
Penjuru Lane and 18 Gul Drive (the “Properties”).
The sale of the Properties (the "
of the properties amounting to approximately S$99.4 million.
Assuming the Proposed Sale had been completed on 1 May 2009, the Group's net profit for the
financial year 2010 would have been S$23.4 million instead of S$13.9 million and its earnings
per share would have been 1.10 cents per share instead of 0.65 cents per share. The Group's
net tangible assets as at 30 April 2010 would have been 11.24 cents per share instead of 6.77
cents per share.
Commenting on the transactions, Mr Eric Khua, Chief Executive Officer of Freight Links, said,
"The Proposed Sale and Leaseback will enable Freight Links to realise the fair value of its
investments in the Properties, whilst enabling the Group, through the leaseback arrangements,
to have long term use of these properties to provide warehousing cum office space to the Group
and/or its customers as part of its logistics services.
The sales proceeds can be deployed towards various business opportunities including
developing and expanding the existing logistics businesses of the Group as well as to pursue
investment opportunities in the international logistics market, providing additional working capital
and reducing the Group's bank borrowings. The management will seek opportunities to acquire
new related businesses that will broaden the earnings base of the Group."
Freight Links, through its 51% shareholding equity interest in SIP, will participate in (subject to
the receipt of relevant regulatory approvals) the manager (the "
property manager (the "
acquire a portfolio of properties worth about $850 million. A conditional eligibility-to-list letter
(the "
Limited (the "
Main Board of the SGX-ST.
Freight Links"), one of the leading logistics management and integrated freight forwardingSIP"), for the benefit of the proposed Sabana Shari'ah CompliantSabana REIT"), for five of its properties for a totalProposed Sale and"). Subject to the receipt of the relevant regulatory approvals (including approval ofProposed Sale") will result in net proceeds over the book valueREIT Manager") and theProperty Manager") of the Sabana REIT. Sabana REIT plans toETL") was received on 8 October 2010 from the Singapore Exchange Securities TradingSGX-ST") for the listing of and quotation for the units in the Sabana REIT on theMr Khua also added, "Our participation in the REIT Manager and the Property Manager will
generate additional income for the Group as well as broaden the Group’s network. Further, the
Group will derive a stable income stream from the Sabana REIT's distributions through Freight
Links' holding of units in the Sabana REIT. The participation of Freight Links through its equity
stakes in the REIT Manager and the Property Manager will broaden Freight Links' core logistics
business and enhance its ability to expand in Asia."
The Proposed Sale and Leaseback constitutes a major transaction for Freight Links, requiring
the approval of the shareholders at an Extraordinary General Meeting to be convened at a later
date.
The Proposed Sale and Leaseback is also subject to, amongst other things, (a) the listing of the
units in the Sabana REIT and commencement of trading of such units on the SGX-ST, and (b)
obtaining JTC Corporation's approval (and the approval/clearance of such other authorities as
JTC may require).
Save for their respective interests in Freight Links, none of Freight Links' Directors or controlling
shareholders has any interest, direct or indirect, in the Proposed Sale and Leaseback.
About Freight Links Express Holdings Limited
Freight Links Express Holdings Limited ("Freight Links") is one of the leading Logistics
Management and Integrated Freight Forwarding Groups in Singapore. Established in 1981, the
international freight forwarding business of the Group has links to almost 600 destinations
throughout the world.
Freight Links has offices in Malaysia, Thailand, Hong Kong, China, South Korea and United
Arab Emirates.
The Company's business includes international freight forwarding, chemical logistics,
warehousing property management, total logistics solutions, integrated marketing services and
document management solutions.
Besides this, the company also provides inventory control management, warehousing and
distribution, container haulage, local trucking and container freight station operations.
Freight Links reported a turnover of S$125.8 million and a net profit of S$13.9 million for
FY2010.
nice vol today :)