Yanlord to raise $346 million in sale of shares, bonds 18 Jun 2009 08:51

SINGAPORE, June 18 (Reuters) - Singapore-listed property firm Yanlord <YNLG.SI> said on Thursday it is aiming to raise about S$503 million ($346 million) through the sale of shares and convertible bonds.

The proceeds will be used for investments, acquisitions and strategic alliances, the company said in a statement to the Singapore stock exchange.

Yanlord said it would sell 110 million shares at S$2.08 each, or at the lower end of an indicative price of S$2.08-S$2.16 a share, a range disclosed by sources to Reuters late on Wednesday.

The company also plans to sell S$275 million in five-year convertible bonds at 5.85 percent, with an option to upsize the deal by another S$100 million.

There will be a put option at the end of the third year.

JP Morgan <JPM.N> and RBS <RBS.L> are handling the deal.

The company also said a controlling shareholder is separately selling 10 million shares at S$2.08, raising S$20.8 million shares. ($1=1.455 Singapore Dollar) (Reporting by Harry Suhartono, editing by Dhara Ranasinghe) ((harry.suhartono@thomsonreuters.com; +65 6403 5658; Reuters Messaging: harry.suhartono.reuters.com@reuters.net)

Blogged with the Flock Browser

City Development Q2 Result, Yanlord Q1 Result, Keppel Corp reiterated "Buy", Sembcorp Marine secured S$230 mio project

May 12, 2009

   Stocks and factors to watch: 
    -- CITY DEVELOPMENTS <CTDM.SI> 
    -  City Developments, Southeast Asia's second largest 
developer, posted a 50 percent drop in first-quarter net profit 
to S$83.1 million ($57 million), but said economic conditions 
have improved and it expects to make profit this year. 
[ID:nSIN461056]  
    JPMorgan on Tuesday downgraded CityDev to "neutral" from 
"overweight", saying the share price has risen too much.  
    
    -- KEPPEL CORP <KPLM.SI> 
    -  Deutsche Bank on Tuesday reiterated its "buy" call on 
Keppel Corp, the world's biggest maker of offshore oil rigs, and 
raised its price target to S$9.40 from S$7.10. [ID:nSGC001131] 
    
    -- SEMBCORP MARINE <SCMN.SI> 
    -  Singapore's Sembcorp Marine, the world's number two 
builder of offshore oil rigs, said on Monday its Indonesian unit 
secured a S$230 million ($158 million) contract for the 
construction of two offshore platforms. [

    -- YANLORD LAND GROUP LTD <YNLG.SI> 
    -  Yanlord reported on Tuesday a 161 percent increase in 
first quarter net profit to S$24.3 million ($16.66 million) from 
a year ago, mainly on the delivery of higher-profit-margin 
projects. [ID:nSN5C20011] 

Blogged with the Flock Browser