Thứ Năm, 14 tháng 3, 2013

Singapore Press Holdings Latest to Join REIT Boom




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Bloomberg News

Shoppers and pedestrians walk past the Paragon shopping mall on Orchard Road in Singapore, on Thursday, June 14, 2012.


Another company could be tapping Singapore’s booming real estate investment trust market for an initial public offering.


Usually-sleepy Singapore Press Holdings Ltd. is up more than 3% Monday morning following a Sunday announcement that the publisher plans to list its Singapore properties, although details on timing or which properties will be included were absent.


An IPO by SPH would follow Mapletree Greater China Commercial Trust’s strong debut last week in Singapore. The REIT, backed by Singapore state investment fund Temasek Holdings Pte. Ltd., jumped more than 12% upon trading on Thursday after raising US$1.3 billion, Singapore’s biggest IPO in two years.


“The REIT helps [SPH] raise capital to add properties. However, for the parent company, it could dilute their earnings from the current property income,” said Vincent Fernando, an analyst at Religare Capital.


SPH is the best-performing stock in Singapore’s benchmark Straits Times Index Monday, which is flat.


SPH publishes the Straits Times and the Business Times dailies, and owns the Paragon Shopping Mall in the city-state’s busy Orchard area.


– P.R. Venkat contributed to this post




Singapore Press Holdings Latest to Join REIT Boom

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