Tuesday, December 28, 2010

Great Eastern Gets ‘AA–’ Credit Rating from S&P

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.

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.

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.

Sunday, December 19, 2010


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.

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.”

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.

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

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.