Bonvests: To purchase remaining 59.4m shares approx 30% of Richvein for $101.0m, of which co now wholly owns. Richvein currently owns and operates the Sheraton Towers Singapore hotel. Revenue and net profit of Richvein accounted for approx 32.3% and 19.4% of co's revenue and net profit before taxes and extraordinary items...
Co will fund this acq through borrowings. Possibility that co may redevelop Sheraton to residential use similar to Capitaland redeveloping Federal Hotel in the past. Co trades at 0.6x P/B, 6.1x current P/E vs hist avg P/E of 9.8x.
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