Freight Links (FLE): penny stock focus. Expects to list Singapore's first, and the world’s largest Shari'ah-compliant Reit worth about $600m by year end. FLE owns 51% of the Reit's manager, Sabana Investment Properties (SIP), and plans to subscribe up to 5% of the IPO and invest as much as $30m. Other owners of SIP are Blackwood Invmt, which is run by private investors and owns a 45% stake, and Tarian Capital Partners, which owns 4%...
FLE has sold 5 properties worth $193m to Sabana Reit. The Reit will source for other properties, mostly warehouses from other sellers, including Sim Lian Group (~$46m worth), Soilbuild (warehouse worth $60m). The listing aims to attract funds from Middle Eastern investors, as few Shari'ah-compliant products are available.
HSBC, Daiwa Capital Markets and UOB are joint book-runners for the Sabana IPO.
Stock now trades at 1.15x PB, 11.5x PE.
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