Centurion

Centurion: To acquire all 6.8m issued ordinary shares in Dorm Invts held by Crest Industrial Hldgs (approx 85% stake) for $40.4m. Dorm Invts owns a dorm in Tuas which has a remaining lease of 5 yrs from BCA and has occupancy rate of 80-90%.This acquisition will add 8.6k beds to co's portfolio. This is expected to add $5.2m to net profit immediately excluding effects of goodwill impairment and amortization. The book value of the acq is approx $27.9m but the acq price also considered the reserve price of $45m set by Crest and a financial evaluation of Dorm Invts.