CapitaLand invests RM595m in Sungei Wang

CapitaLand Limited has acquired approximately 61.9% of the total retail strata area or 510,418 square feet as well as the car parks of Sungei Wang Plaza located in Kuala Lumpur, Malaysia, at a property purchase price of approximately RM595m (approximately $250m) through an asset securitisation structure. Sungei Wang, a prime freehold asset strategically situated in Kuala Lumpur’s Golden Triangle, is one of the most popular retail malls located within the renowned Bukit Bintang shopping precinct.

Mr Pua Seck Guan, CEO of CapitaLand Retail Limited, said: “Sungei Wang is one of the most established and popular malls in the city centre of Kuala Lumpur, the capital of Malaysia. The prime retail mall, which has close to 100% occupancy and more than 24m visitors annually, also enjoys direct connectivity to the Bukit Bintang Monorail Station. Through our proactive management and by leveraging on our retail real estate management expertise, there are tenancy remixing opportunities to create significant value at Sungei Wang.”

Asiatic Group secures power supply contract worth US$475m

Asiatic Group (Holdings) Limited, an emerging player in the regional energy and power industry, has sealed its single largest power supply contract in Cambodia worth potentially US$475m over a 99-year period. This is the Group’s fourth such contract since its first venture into Cambodia’s energy sector in 2005.

Under this latest contract, the Group will supply power to the much-vaunted Phnom Penh Special Economic Zone (PPSEZ), a flagship project undertaken by private investors which forms an integral part of the overall government’s efforts to attract foreign investment to the country. The contract is expected to add approximately US$4.8m a year to the Group’s revenue once the power plant is fully operational in 2009.

UOB buys 15.38% of Evergrowing Bank for $156m

After more than a year of talks, United Overseas Bank Limited is finally buying a stake in Chinese lender Evergrowing Bank for Rmb 780m ($156m), according to a report by The Business Times. UOB said that it has agreed to subscribe for 15.38% or 260m shares in the Shandong province bank, subject to approval by China’s regulatory authorities. UOB started talks with Evergrowing in May last year.

“The investment in Evergrowing Bank affords UOB an opportunity to participate actively in the growth of the Chinese market,” UOB said in a statement yesterday. “As a joint-stock bank with nationwide licence, Evergrowing Bank plans to build its distribution network and product capabilities. UOB said that as a strategic shareholder it will impart its knowledge, expertise and experience to help Evergrowing Bank enhance its services and products. Post-subscription, UOB will be the second-largest shareholder in unlisted Evergrowing Bank, after Yantai Electric Power Development.

Ezra-linked EOC lands US$400m charter deal

Ezra Holdings Limited, a leading integrated offshore support and marine services provider in the offshore oil & gas industry, announced that its Oslo mainboard-listed associate EOC Limited is on schedule to take delivery of its first floating, production, storage and offloading vessel.

The converted 127,540 deadweight tonne Lewek Arunothai further enhances the Group’s fleet capability and has already landed EOC a US$400m charter contract – its largest to date in value terms. The vessel, contractecd to a Southeast Asian oil company, will operate in one of the largest natural gas fields in the Gulf of Thailand. Said Ezra’s Managing Director, Mr Lionel Lee, “This 3-year contract with an extension option for 2 years is expected to add positively to our bottomline from FY09.”