InnoTek Invests S$15.7 Million in Sabana REIT

InnoTek Limited has invested S$15.7 million in Sabana Shari’ah
Compliant Industrial Real Estate Investment Trust (Sabana REIT),
which was listed last Friday on the Mainboard of the Singapore
Exchange, in a move to enhance shareholder value by increasing the
return from its cash holdings.
InnoTek said it has been allotted 15 million shares at an issue price
of S$1.05 each in Sabana REIT, the first Shari’ah-compliant real
estate investment trust listed on the SGX and the world's largestlisted
Shari’ah-compliant REIT by total assets.
The precision metal components manufacturer, which has substantial
operations in China, held net cash of S$60.8 million or S$0.266
per share as at 30 September 2010. It disposed its data storage
business in FY2007 for US$133 million and has since paid S$0.3
dividends per share, including S$0.05 each year for FY2008 and
FY2009.
“InnoTek has a strong balance sheet and we are very careful how
best to return value to shareholders. While we are still looking to
acquire companies which can add value to our core business, we will
not be rushed. This investment in the REIT offers a much better
return than in bank deposits,” said InnoTek’s Managing Director Mr
Yong Kok Hoon.
According to Sabana REIT’s prospectus, its Reit manager Sabana
Real Estate Investment Management has forecast a distribution yield
of about 8.22 per cent for 2011 and 8.25 per cent for 2012.
InnoTek concurrently announced that it had commenced its share
buyback programme with the acquisition of a combined 583,000
shares so far in November.
It currently holds 19.03 million treasury shares, or 8.3 per cent of the
total issued capital of 227.6 million shares as at 26 November 2010,
after substantial buybacks since the financial year ending 31 December
2007 (FY2007).
Treasury shares are stocks bought back by the issuing company,
reducing the total number of issued shares in the open market. A
reduced issued share capital base increases the earnings per share
and saves the company in dividend payment, indirectly resulting in a
higher yield on net cash.
 

Ultimate Mnet Live in Asia- Flight details

2AM
Date: 1 December
Flight: SQ609
Terminal: T3
Time: 2150

2PM, Miss A, MBlaq
Date: 3 Dec
Flight: SQ603
Terminal: T3
Time: 1415

Beast
Date: 4 Dec
Flight: SQ 603
Terminal: T3
Time: 1415

Star Search 2010 Top 10 《才华横溢出新秀 》10强Roadshow

28th November, Sunday

2.00pm, The Heeren

Our Star Search 2010 Top 10 will be meeting the public again. This time round, a few lucky ones will be able to come on stage to take photos with our Top 10 contestants! Games will be played and freebies will be given out! Someone asked if we’ll do a walk down Orchard Road again… Oh, come on! Give us credit, we’re definitely much more creative than repeating ideas yes?
 

AIA Group loses 2nd senior executive in a week

HONG KONG, Nov 23 - AIA Group Ltd <1299.HK>, the recently spun off Asia life insurance arm of American International Group , has lost another key executive with the resignation of its human resources head Margret Chiu, a spokeswoman told Reuters on Tuesday.

Chiu, an executive vice president and listed in the senior management group in the company's prospectus, resigned for personal reasons, the spokeswoman said, stepping down a week after AIA lost Chris Wei, its chief marketing officer. [ID:nTOE6AG01C]

The departures come after AIA's massive, $20.5 billion IPO, and after AIG put in place a new AIA CEO prior to the offering. Chiu had been with the company since 1991.

Wei, who was responsible for AIA's branding and product strategy, joined AIA two years ago and worked closely with former chief executive Mark Wilson in holding AIA together while AIG was on the brink of collapse.

In July, AIG boss Robert Benmosche removed Wilson as AIA CEO and replaced him with Mark Tucker, a move that followed the failed bid by UK insurer Prudential Plc deal to buy AIA.

Prudential's $35.5 billion initial bid for AIA was met with some opposition at the time, as AIA management was just weeks away from filing for an IPO. AIA lost two senior executives in March, soon after Prudential launched its bid for AIA.

The insurer is going through a transition under Tucker, who is credited with building Prudential's Asian business when he was the top executive there.

NS Portal Go Beyond Event

VENUE - VELOCITY ( BASKETBALL COURT AREA )
DATE - 131110
TIME - ( 12PM TO 5PM )

Star Search 2010

After nine installments and an illustrious list of alumni, MediaCorp Channel 8’s Star Search remains the definitive platform for talented youths to break into the entertainment scene.

Star Search 10 organised an exclusive shoot for photographers to showcase the different personalities of the 20 semi-finalists.

Of the 500 entries received, 11 outstanding images were chosen to be exhibited.

View the winning images at the Discovery Walk at Star Search 10 Photo Exhibition from 1-7 November.

Come on down to Orchard Central on Sunday, 7 Nov from 2.30pm to 4pm to catch the top 20 finalists live in person with host Pornsak!