The Straits Trading Company Limited News

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1. 5/16/2013 5:50:00 AM 3 things you have to know about FEHT's Rendezvous deal
   published by Singapore Business Review
   Acquisition price pegged at S$264.5m. According to DBS Group Research, Far East Hospitality Trust (FEHT) this morning gave further details and forecasts on the proposed acquisition of Rendezvous Grand Hotel Singapore and Rendezvous Gallery from Straits ...
   
2. 5/16/2013 12:00:00 AM UE posts 24% fall in Q1 profit on higher expenses
   published by The Business Times
   The Business Times UE posts 24% fall in Q1 profit on higher expenses UNITED Engineers UE saw first-quarter profit fall 24 per cent from a year ago to $7.4 million hurt by a surge in administrative expenses For the period ended March 31 the company posted revenues that increased 17 per cent year-on-year to $136.6 million UE's core businesses include property development and rental and engineering and construction The uptick in revenue was mainly due to increased rental contributions from its income-producing properties and higher revenue contribution from its listed subsidiary UE E&C Cost of sales rose by a corresponding 17 per cent to $95.2 million Administrative expenses in Q1 jumped 77 per cent from a year ago to $25.6 million This was attributed to higher staff and operating costs as UE BizHub EAST and Park Avenue Changi went into operation as well as higher writeback of staff bonus provision in the first quarter of last year Earnings per share slipped 29 per cent from a year ago to 2.4 cents It held cash and cash equivalents of around $489 million as at March 31.
   
3. 5/15/2013 12:00:00 AM STC shares soar with upcoming WBL payday
   published by The Straits Times
   The Straits Times STC shares soar with upcoming WBL payday p But UE falls on concerns over how much it will have to fork out /p SHARES in The Straits Trading Company STC soared yesterday as investors cheered the upcoming bumper payout the firm will receive from unloading its stake in WBL Corporation Amid market chatter that some of the cash could be distributed to shareholders the counter surged 21 cents or 5.3 per cent to $4.18 its highest close since April 2010 Some 197,000 STC shares changed hands-considered high for the thinly-traded counter which often sees trades of less than 10,000 shares on a typical day with some sessions not even witnessing a single trade In contrast the mood of investors in United Engineers UE which is set to buy STC's stake was decidedly less upbeat The stock fell by five cents or 1.7 per cent to $2.98 on concerns over the amount that UE will have to pay It was the first time since December that UE closed below $3.
   
4. 5/14/2013 12:00:00 AM UE succeeds in taking over WBL after STC's acceptance
   published by The Business Times
   The Business Times UE succeeds in taking over WBL after STC's acceptance UE concert parties now have 87.73% of WBL offer turns unconditional THE Straits Trading Company STC stepped aside yesterday evening to allow United Engineers UE to gain control of WBL Corporation putting an end to this year's largest local takeover play UE's takeover offer has now become unconditional in all respects with it and concert parties holding 87.73 per cent of WBL as at 5pm yesterday STC will sell its 44.58 per cent stake and reap a financial gain of $83.3 million It will get $507.3 million from the sale of stock units and $1.5 million from convertible bonds against a total book value of $425.5 million for WBL securities STC executive chairman Chew Gek Khim said in a statement yesterday that the decision removed any uncertainty over WBL and "is in the best interest of WBL stockholders large and small" "As a long-term investor this decision did not come lightly," she said.
   
5. 5/14/2013 12:00:00 AM The news in 5 minutes
   published by The Straits Times
   The Straits Times The news in 5 minutes strong TOP NEWS /strong strong TCs political by nature Khaw /strong span National Development Minister Khaw Boon Wan in a fierce rebuttal of accusations by the Workers Party WP yesterday revealed that a company closely affiliated with it FM Services and Solutions was awarded contracts worth millions of dollars by the WP-run Aljunied-Hougang Town Council TC . /span span /span strong More time for church leaders /strong The Commissioner of Charities has as a "goodwill gesture" given eight City Harvest Church leaders two months more to submit their objections to being removed from office hr / p dir="rtl" span class="embed_photo_div" dir="ltr" span class="embed_photo" /span /span strong ASIA/WORLD /strong strong Buzz over princelings /strong WHEN Deng Xiaoping's grandson Deng Zhuodi was given a political post recently it caused a stir Not so much because of suspicions of impropriety but because it is unusual for the offspring of China's communist party officials to enter politics.
   
6. 5/14/2013 12:00:00 AM Straits Trading accepts UE's bid for WBL
   published by The Straits Times
   The Straits Times Straits Trading accepts UE's bid for WBL p Chairman says it is stepping aside so WBL will have a better future /p THE Straits Trading Company STC has thrown in the towel in the tussle over WBL Corporation leaving the way open for rival bidder United Engineers UE to scoop up the auto dealer STC said in a statement yesterday that it and its concert parties will accept UE's offer to acquire their entire 44.58 per cent stake in WBL "As a long-term investor this decision did not come lightly," said STC chairman Chew Gek Khim in a statement "Our decision removes any uncertainty over WBL and is in the best interest of WBL stockholders large and small as well as the many other WBL stakeholders." In accepting UE's offer STC will not walk away empty-handed-it will realise an immediate gain of about $83.3 million from its investment in WBL and reap gross cash proceeds of $508.8 million.
   
7. 5/13/2013 4:42:00 PM Straits Trading accepts UE offer for WBL in S$509m deal
   published by Today Online
   33 min 25 sec ago SINGAPORE — The Straits Trading Company (STC) has been enticed by United Engineers’ (UE) enhanced offer of S$4.50 a WBL share to part with its entire 44.6 per cent stake in the technology, property and car distribution company, ending a ...
   
8. 5/13/2013 8:19:00 AM Straits Trading: Accept UE Offer For WBL, To Realise S$83.3 Million Gain.
   published by BT Invest
   Straits Trading: Reported A Net Loss Of S$0.3 Million For 1Q2013. (ShareInvestor Express / 13 May 2013 17:41) Straits Trading: Create One Of The Largest Hotel Groups In Asia Pacific Through Joint Venture With Far East Orchard. (ShareInvestor Express / 16 ...
   
9. 5/13/2013 7:28:00 AM Straits Trading accepts United Engineers? bid for WBL Corp stake
   published by Asiaone
   SINGAPORE - Singapore conglomerate Straits Trading Company said on Monday it has decided to accept an offer for its holdings in WBL Corp from a group led by United Engineers Ltd. United Engineers had on May 9 raised its offer price for WBL to S$4.50 a share ...
   
10. 5/13/2013 7:16:00 AM Straits Trading accepts United Engineers'
    published by Yahoo! UK and Ireland
    SINGAPORE (Reuters) - Singapore conglomerate Straits Trading Company said on Monday it has decided to accept an offer for its holdings in WBL Corp from a group led by United Engineers Ltd. United Engineers had on May 9 raised its offer price for WBL to S$4.50 ...
    
11. 5/13/2013 6:35:00 AM Straits Trading accepts United Engineers' bid for WBL Corp stake (Reuters)
    published by Yahoo! News Australia
    SINGAPORE (Reuters) - Singapore conglomerate Straits Trading Company said on Monday it has decided to accept an offer for its holdings in WBL Corp from a group led by U...
    
12. 5/13/2013 6:24:00 AM Straits Trading accepts United Engineers' bid for WBL Corp stake
    published by 4 Traders
    Singapore conglomerate Straits Trading Company (>> The Straits Trading Company Limited) said on Monday it has decided to accept an offer for its holdings in WBL Corp (>> WBL Corporation Ltd) from a group led by United Engineers Ltd. Singapore conglomerate ...
    
13. 5/11/2013 12:00:00 AM United Engineers ups WBL stake to 40%
    published by The Business Times
    The Business Times United Engineers ups WBL stake to 40% It buys 517,000 shares in open market a day after raising offer price UNITED Engineers UE boosted its stake in conglomerate WBL Corporation to 40 per cent yesterday a day after it upped its takeover offer by 35 cents to $4.50 a share The concert party group led by UE snapped up 517,000 shares or 0.19 per cent in WBL in the open market accounting for most of the day's trading activity Trades were mostly done at $4.50 though some lots went to other parties for $4.51 in the morning As at Thursday shareholders holding another 2.84 per cent of WBL had already given acceptances to UE's takeover offer DMG & Partners analyst Goh Han Peng highlighted the possibility of UE being able to cross the 50 per cent controlling mark by the end of the offer period on May 29 upon which the offer will turn unconditional and go through "I think the revised offer from UE will see more minorities taking up the offer," he said.
    
14. 5/10/2013 12:00:00 AM UE makes final offer for WBL
    published by The Business Times
    The Business Times UE makes final offer for WBL Raised price of $4.50 a share demonstrates seriousness says UE THE endgame for Singapore's largest takeover play this year has arrived as United Engineers UE raised its offer for WBL Corporation to $4.50 a share yesterday up 35 cents a share or 8.4 per cent from its previous offer The latest price is final and there will be no more increase UE said yesterday This values WBL a technology automotive and property conglomerate otherwise known as Wearnes at $1.25 billion-a bit larger than UE's own market capitalisation of $919 million as at yesterday Said Jackson Yap UE managing director and CEO "This is our final price and final closing date We urge all shareholders to consider the offer seriously." He said the improved offer sweetens the deal for WBL shareholders and "demonstrates our seriousness to bring our offer to a successful close" especially in light of WBL's recently announced $11.4 million loss for the first three months of the year where it was dragged down by its US technology subsidiary.
    
15. 5/9/2013 12:00:00 AM Far East H-Trust's Q1 DPS of 1.38 cents higher than forecast
    published by The Business Times
    The Business Times Far East H-Trust's Q1 DPS of 1.38 cents higher than forecast FAR East Hospitality Trust posted an income available for distribution of $22.1 million for the first quarter ended March 31 2013 beating its forecast of $21.7 million by 2 per cent This translates to a distribution per stapled security DPS of 1.38 cents which is 3 per cent above the forecast of 1.34 cents The distribution is payable on June 14 2013 For the quarter under review gross revenue was $28.1 million missing its forecast by 4.2 per cent Net property income was $26 million missing its forecast by 1.7 per cent In terms of revenue contribution hotels contributed 77.9 per cent or $21.9 million of the overall gross revenue The remaining 22.1 per cent or $6.2 million came from the serviced residences While overall occupancy for the hotels was higher than forecast at 88.5 per cent average room rates came under pressure causing revenue per available room to fall short at $161 versus the forecast $173.
    
16. 4/30/2013 12:42:00 AM Open Kitchen Feature of New Central Christchurch Eatery
    published by AwayInStyle
    Guests at Christchurch’s newest central city restaurant and bar will get to see one of the country’s top young chefs in action when it opens its doors this Wednesday, 1 May. The open kitchen at the Straits Cafe and Junction Bar at the Rendezvous Hotel ...
    
17. 4/29/2013 12:11:00 AM Open kitchen feature of Rendezvous Hotel Christchurch hotel restaurant
    published by E-Travel Blackboard
    Guests at Christchurch’s newest central city restaurant and bar will get to see one of the country’s top young chefs in action when it opens its doors this Wednesday, 1 May. The open kitchen at the Straits Cafe and Junction Bar at the Rendezvous Hotel ...
    
18. 4/28/2013 9:43:00 PM Open Kitchen Feature of New Central City Eatery
    published by Scoop
    Guests at Christchurch’s newest central city restaurant and bar will get to see one of the country’s top young chefs in action when it opens its doors this Wednesday, 1 May. The open kitchen at the Straits Cafe and Junction Bar at the Rendezvous Hotel ...
    
19. 4/28/2013 6:31:00 PM Open kitchen feature of new Christchurch restaurant (Fuseworks)
    published by Yahoo!Xtra
    Guests at Christchurchs newest central city restaurant and bar will get to see one of the countrys top young chefs in action when it opens its doors on Wednesday. The open kitchen at the Straits Cafe and Junction Bar at the Rendezvous Hotel Christchurch will ...
    
20. 4/28/2013 6:26:00 PM Open kitchen feature of new Christchurch restaurant
    published by Voxy.co.nz
    Guests at Christchurch’s newest central city restaurant and bar will get to see one of the country’s top young chefs in action when it opens its doors on Wednesday. The open kitchen at the Straits Cafe and Junction Bar at the Rendezvous Hotel Christchurch ...