Great Eastern Life Assurance Company Limited has been assigned the financial strength and counterparty credit rating of ‘AA–’ with a stable outlook by Standard & Poor’s Ratings Services.
Fang Ai Lian, Chairman of Great Eastern Holdings, said: “This rating reflects our very strong business profile, our superior capitalisation, and well-developed risk management framework. It is also a testament to our very strong business position within Singapore and Malaysia, our excellent branding and diversified product offerings.”
“This rating will be helpful in giving greater formal assurance to the various counterparties and customers with which we have regular dealings in the course of our business. It will also provide better corporate transparency to the investing community and financial markets,” Fang added.
SURVEY
Tuesday, December 28, 2010
Saturday, December 25, 2010
Friday, December 24, 2010
GLP buys stake in key logistic facility player
Global Logistic Properties (GLP) delivered an early Christmas gift to its shareholders
yesterday with an acquisition that will give it a stake in China's second largest logistic
facilities provider. The deal, however, received a lukewarm response from investors
who appear unwilling to take up new positions as the year draws close to an end. The
owner of warehouses and other logistic assets in China and Japan said it has bought
19.9 per cent of Shenzhen Chiwan Petroleum Supply Base Co (SCPSB) for HK$539.2
million (S$90.8 million). SCPSB is the parent of China logistic facilities player BLOGIS -
the No 2 provider of such properties in the country after GLP. The price means that
GLP will pay HK$11.75 for each share acquired, and is at a 1.4 per cent discount to
SCPSB's closing price of HK$11.92 on Dec 21. It will use the proceeds from its recent
initial public offering to pay for the acquisition.
yesterday with an acquisition that will give it a stake in China's second largest logistic
facilities provider. The deal, however, received a lukewarm response from investors
who appear unwilling to take up new positions as the year draws close to an end. The
owner of warehouses and other logistic assets in China and Japan said it has bought
19.9 per cent of Shenzhen Chiwan Petroleum Supply Base Co (SCPSB) for HK$539.2
million (S$90.8 million). SCPSB is the parent of China logistic facilities player BLOGIS -
the No 2 provider of such properties in the country after GLP. The price means that
GLP will pay HK$11.75 for each share acquired, and is at a 1.4 per cent discount to
SCPSB's closing price of HK$11.92 on Dec 21. It will use the proceeds from its recent
initial public offering to pay for the acquisition.
Thursday, December 23, 2010
CapitaMalls Asia to Acquire Malaysian Assets
CapitaMalls Asia Limited (“CMA”) will acquire approximately 90.7 per
cent of the retail strata area (approximately 916,181 square feet) and
all car park spaces within Queensbay Mall in Penang, Malaysia
(“Properties”) through CMA’s subsidiaries and an asset-backed
securitisation structure at a purchase consideration of approximately
RM651.8 million, subject to all relevant regulatory approvals.
Pursuant to the right of first refusal granted by CMA to CapitaMalls
Malaysia Trust (“CMMT”) dated 10 June 2010, CMA has offered to
CMMT the first right to acquire the Properties.
CapitaMalls Malaysia REIT Management Sdn Bhd, the manager of
CMMT, announced that it has evaluated the offer and has decided
not to acquire the Properties at this juncture after taking into consideration
various strategic factors.
cent of the retail strata area (approximately 916,181 square feet) and
all car park spaces within Queensbay Mall in Penang, Malaysia
(“Properties”) through CMA’s subsidiaries and an asset-backed
securitisation structure at a purchase consideration of approximately
RM651.8 million, subject to all relevant regulatory approvals.
Pursuant to the right of first refusal granted by CMA to CapitaMalls
Malaysia Trust (“CMMT”) dated 10 June 2010, CMA has offered to
CMMT the first right to acquire the Properties.
CapitaMalls Malaysia REIT Management Sdn Bhd, the manager of
CMMT, announced that it has evaluated the offer and has decided
not to acquire the Properties at this juncture after taking into consideration
various strategic factors.
Sunday, December 19, 2010
BEST TIME AND PLACE TO MEET SONG JOONG KI
Monday, 20 Dec
10:00am - Tony Moly Marina Square Outlet
Note: A closed door interview with media is held at this time and there will be barricades outside the store. Nevertheless, you can catch glimpses of SJK and take pictures of him.
4:00pm - SJK Tony Moly Fan Sign @ Bugis Junction Open Atrium
Note: Only fans with fan sign pass can meet SJK up close and personal.
"QUEUE FOR FAN SIGN PASS HOLDERS STARTS AT 2PM ON 20 DEC."
The fan sign area will be barricade for media and fans with pass only. Fans without pass can only see SJK from far. If you do not have the pass, only be at the atrium around 3pm. You can't reserve standing place at the atrium because the area beyond the barricades is public walk way. Be prepared to squeeze and tip toe.
10:00am - Tony Moly Marina Square Outlet
Note: A closed door interview with media is held at this time and there will be barricades outside the store. Nevertheless, you can catch glimpses of SJK and take pictures of him.
4:00pm - SJK Tony Moly Fan Sign @ Bugis Junction Open Atrium
Note: Only fans with fan sign pass can meet SJK up close and personal.
"QUEUE FOR FAN SIGN PASS HOLDERS STARTS AT 2PM ON 20 DEC."
The fan sign area will be barricade for media and fans with pass only. Fans without pass can only see SJK from far. If you do not have the pass, only be at the atrium around 3pm. You can't reserve standing place at the atrium because the area beyond the barricades is public walk way. Be prepared to squeeze and tip toe.
Thursday, December 16, 2010
Suntec REIT Gets ‘Stable’ Outlook Rating from Moody’s
ARA Trust Management (Suntec) Limited, as manager of Suntec
Real Estate Investment Trust, announced that its corporate family
rating was rated “stable” by Moody’s Investors Service.
The corporate family rating was rated Baa2, while its unsecured debt
rating was Baa3.
Moody’s recent rating review was initiated subsequent to the
announcement of the acquisition of a one-third interest in the Marina
Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall.
Suntec REIR said the acquisition has been completed with partial
funding by a S$1.105 billion term loan facility, and the remainder is
funded by S$417.9 million of net proceeds derived from the private
placement of 313,000,000 new units in Suntec REIT.
Yeo See Kiat, Chief Executive Officer of ARA Trust Management
(Suntec) Limited, said: “The recently completed acquisition is a
strategic addition to Suntec REIT’s asset portfolio. It is a high-quality
asset with a blue-chip tenant base, and is expected to provide a
stable and sustainable income stream.”
Real Estate Investment Trust, announced that its corporate family
rating was rated “stable” by Moody’s Investors Service.
The corporate family rating was rated Baa2, while its unsecured debt
rating was Baa3.
Moody’s recent rating review was initiated subsequent to the
announcement of the acquisition of a one-third interest in the Marina
Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall.
Suntec REIR said the acquisition has been completed with partial
funding by a S$1.105 billion term loan facility, and the remainder is
funded by S$417.9 million of net proceeds derived from the private
placement of 313,000,000 new units in Suntec REIT.
Yeo See Kiat, Chief Executive Officer of ARA Trust Management
(Suntec) Limited, said: “The recently completed acquisition is a
strategic addition to Suntec REIT’s asset portfolio. It is a high-quality
asset with a blue-chip tenant base, and is expected to provide a
stable and sustainable income stream.”
Saturday, December 11, 2010
Great Eastern Launches Islamic Insurance Unit
Great Eastern Holdings Limited, together with Malaysian partner
Koperasi Angkatan Tentera (M) Berhad (KAT), on Friday launched
Great Eastern Takaful Sdn Bhd (GETSB).
GETSB will adopt a “Takaful for All” approach and provide comprehensive
Takaful products and services for all Malaysians, both
Muslims and non-Muslims alike.
Commented Mrs Fang Ai Lian, Chairman of Great Eastern Holdings,
“Malaysia is a key and significant market for the Great Eastern
Group. This makes it the perfect platform for us to launch our Takaful
business. The market penetration rate for the Takaful business in
Malaysia remains relatively low. This large untapped market presents
an enormous business opportunity for us, which we hope to translate
into a significant engine of growth for the Group.”
GETSB aims to achieve RM180 million (about S$75 million) in Total
Weighted Contributions in the first year of operations.
Takaful is a type of Islamic insurance, where members contribute
money into a pooling system in order to guarantee each other
against loss or damage. Takaful-branded insurance is based on
Sharia, the Islamic religious law.
Koperasi Angkatan Tentera (M) Berhad (KAT), on Friday launched
Great Eastern Takaful Sdn Bhd (GETSB).
GETSB will adopt a “Takaful for All” approach and provide comprehensive
Takaful products and services for all Malaysians, both
Muslims and non-Muslims alike.
Commented Mrs Fang Ai Lian, Chairman of Great Eastern Holdings,
“Malaysia is a key and significant market for the Great Eastern
Group. This makes it the perfect platform for us to launch our Takaful
business. The market penetration rate for the Takaful business in
Malaysia remains relatively low. This large untapped market presents
an enormous business opportunity for us, which we hope to translate
into a significant engine of growth for the Group.”
GETSB aims to achieve RM180 million (about S$75 million) in Total
Weighted Contributions in the first year of operations.
Takaful is a type of Islamic insurance, where members contribute
money into a pooling system in order to guarantee each other
against loss or damage. Takaful-branded insurance is based on
Sharia, the Islamic religious law.
Saturday, December 04, 2010
Raymond Lam Desire Tour Promotional Appearance
Calling all fans of TVB heartthrob Raymond Lam! Raymond Lam will be making his Promotional Appearance at Downtown East on 4 December!
Bring along your Desire Tour – Raymond Lam Live in Singapore 2011 ticket as only the first 150 ticket holders with an Autograph Pass will be entitled to the Autograph Session with Raymond Lam.
Limited edition merchandizes will be available for sale! So be the first to grab hold of your favourite item!
NTUC & nEb0 members can enjoy 10% discount on ‘Desire Tour – Raymond Lam Live in Singapore 2011’ concert tickets from 4 – 11 December 2010. Simply flash your NTUC or nEb0 member card at all SISTIC authorized agents or box office!
So make a date with Raymond Lam at the Event Square on 4 Dec!
Date : 4 December 2010
Time : 3pm
Venue : Event Square
Bring along your Desire Tour – Raymond Lam Live in Singapore 2011 ticket as only the first 150 ticket holders with an Autograph Pass will be entitled to the Autograph Session with Raymond Lam.
Limited edition merchandizes will be available for sale! So be the first to grab hold of your favourite item!
NTUC & nEb0 members can enjoy 10% discount on ‘Desire Tour – Raymond Lam Live in Singapore 2011’ concert tickets from 4 – 11 December 2010. Simply flash your NTUC or nEb0 member card at all SISTIC authorized agents or box office!
So make a date with Raymond Lam at the Event Square on 4 Dec!
Date : 4 December 2010
Time : 3pm
Venue : Event Square
Friday, December 03, 2010
Morgan Stanley Said to Sell 34.3-per cent CICC Stake to Various Parties
Morgan Stanley is selling its 34.3-per cent stake in China International
Capital Corp (CICC) to Kohlberg Kravis Roberts & Co (KKR),
TPG Capital, Singapore’s Great Eastern Holdings Ltd and the island
nation’s sovereign-wealth fund, four people with direct knowledge of
the deal said.
Morgan Stanley plans to sell stakes of about 10 per cent each to TPG
and KKR, and about a 5-per cent stake to Great Eastern, the insurer
controlled by Oversea-Chinese Banking Corp, said the people, who
declined to be identified because the matter is not public. Government
of Singapore Investment Corp (GIC) will buy the remainder, the
people said. The 34.3-per cent stake is valued at about US$1 billion,
two of the people said.
The sale will end Morgan Stanley’s 15-year involvement in CICC, the
first Sino-foreign investment bank and the top-ranked underwriter of
share sales in the country. The US firm, which ceded management
control of CICC a decade ago, plans to form a partnership with
Shenzhen-based China Fortune Securities Co.
CICC is 43.35 per cent owned by Central Huijin Investment Ltd, the
investment arm of China Investment Corp, the nation’s US$300 billion
sovereign fund, according to CICC’s website. GIC and closely held
Mingly Corp each own 7.35 per cent, while China National Investment
& Guaranty Co has 7.65 per cent.
A shareholder of Shenzhen-based China Fortune Securities Co said
this week it approved a plan by the Chinese brokerage to set up a
venture with Morgan Stanley.
Great Eastern was originally in discussions with CICC to buy Morgan
Stanley’s entire stake and the plan was blocked by Chinese regulators,
said one of the people.
Mark Lake, a Morgan Stanley spokesman; TPG spokesman Owen
Blicksilver; and Kristi Huller of KKR declined to comment. Great
Eastern spokeswoman Tan Seck Geok did not return telephone
messages left outside of normal business hours in Singapore and an
e-mail seeking comment was not immediately answered.
Capital Corp (CICC) to Kohlberg Kravis Roberts & Co (KKR),
TPG Capital, Singapore’s Great Eastern Holdings Ltd and the island
nation’s sovereign-wealth fund, four people with direct knowledge of
the deal said.
Morgan Stanley plans to sell stakes of about 10 per cent each to TPG
and KKR, and about a 5-per cent stake to Great Eastern, the insurer
controlled by Oversea-Chinese Banking Corp, said the people, who
declined to be identified because the matter is not public. Government
of Singapore Investment Corp (GIC) will buy the remainder, the
people said. The 34.3-per cent stake is valued at about US$1 billion,
two of the people said.
The sale will end Morgan Stanley’s 15-year involvement in CICC, the
first Sino-foreign investment bank and the top-ranked underwriter of
share sales in the country. The US firm, which ceded management
control of CICC a decade ago, plans to form a partnership with
Shenzhen-based China Fortune Securities Co.
CICC is 43.35 per cent owned by Central Huijin Investment Ltd, the
investment arm of China Investment Corp, the nation’s US$300 billion
sovereign fund, according to CICC’s website. GIC and closely held
Mingly Corp each own 7.35 per cent, while China National Investment
& Guaranty Co has 7.65 per cent.
A shareholder of Shenzhen-based China Fortune Securities Co said
this week it approved a plan by the Chinese brokerage to set up a
venture with Morgan Stanley.
Great Eastern was originally in discussions with CICC to buy Morgan
Stanley’s entire stake and the plan was blocked by Chinese regulators,
said one of the people.
Mark Lake, a Morgan Stanley spokesman; TPG spokesman Owen
Blicksilver; and Kristi Huller of KKR declined to comment. Great
Eastern spokeswoman Tan Seck Geok did not return telephone
messages left outside of normal business hours in Singapore and an
e-mail seeking comment was not immediately answered.
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