Eastern Holdings

The 4th Grove Residence caveat come out alreadi ($8.2 mil):

18 NOV 2013 89 GROVE DRIVE 3,315 sqft $8,200,000
10 OCT 2013 83 GROVE DRIVE 2,196 sqft $5,500,000
25 APR 2013 85 GROVE DRIVE 2,250 sqft $5,888,000
1 APR 2013 81 GROVE DRIVE 2,357 sqft $5,800,600

next to Bryton House.

sold at $328 psf GFA

http://www.onemap.sg/?SearchVal=11%20Cha...,IYJIJ_c,b

http://infopub.sgx.com/FileOpen/231213SG...eID=268589

1. INTRODUCTION

1.1 Cambridge Industrial Trust Management Limited, as manager of Cambridge Industrial
Trust (“CIT”, and the manager of CIT, the “Manager”), is pleased to announce that
RBC Investor Services Trust Singapore Limited, in its capacity as trustee of CIT (the
“Trustee”) has on 20 December 2013 entered into a conditional sale and purchase
agreement (“SPA”) with Shriro Property (Singapore) Pte Ltd (the “Vendor”) in
connection with the proposed acquisition (the “Acquisition”) of 11 Chang Charn Road
Singapore 159640 (the “Property”) for a purchase consideration of S$32.0 million (the
“Consideration”).

1.2 Based on the relative figures calculated on the bases set out in Rule 1006 of the
Listing Manual of Singapore Exchange Securities Trading Limited (the “Listing
Manual”), the Acquisition is a non-discloseable transaction for the purposes of Chapter
10 of the Listing Manual.


2. DETAILS OF THE ACQUISITION

The Property is a 6-storey purpose-built warehouse cum light industrial building
located along Hoy Fatt Road, off Jalan Bukit Merah and Leng Kee Road, and within
the prime Bukit Merah industrial precinct. It is well connected via major roads and
expressways such as Alexandra Road, the Central Expressway and Ayer Rajah
Expressway. The Property is a 5 minutes’ walk from the Redhill MRT station and 10
minutes’ drive from the Central Business District.

The Property is a leasehold property with remaining land tenure of approximately 43
years. It has a gross floor area of approximately 9,062 square metres. The Property
will be sold on an ‘as-is-where-is’ basis and the Vendor will take a partial leaseback
while the remaining subsisting sub-leases will be assigned to CIT on completion.


3. CONDITIONS PRECEDENT

The Acquisition is subject to the fulfillment of certain conditions precedent including but
are not limited to the following:

(a) the Vendor and the Trustee having received the relevant approvals, including
the approvals from head lessor for the Acquisition and the Trustee’s lease to
the Vendor;

Based on this price (30% for 7.368 mil), 100% would be 24.56 mil for the subsidiary that owns Bryton House

Quote:INCREASE IN SHAREHOLDING IN SUBSIDIARY

The Board of Directors (the “Board”) of Eastern Holdings Ltd. (the “Company”) wishes to announce
that it has on 7 January 2014, entered into a sale and purchase agreement for the purchase of
180,000 shares, comprising the remaining 30% equityinterest that it does not already hold, in Hoy
Fatt Pte. Ltd. (“Hoy Fatt”) for a cash consideration of S$7,368,040.78 (the “Net Consideration”) (the
“Acquisition”).
The Acquisition is conditional upon the approval bythe relevant authorities.
Following the Acquisition, Hoy Fatt will become a wholly-owned subsidiary of the Company.
The Consideration was arrived at after arm’s length negotiations, on a willing-buyer, willing-seller
basis, taking into account, inter alia, the value of the property owned by Hoy Fatt.
None of the directors or substantial shareholders of the Company has any direct or indirect interest in
the Acquisition.
BY ORDER OF THE BOARD
Tan Kay Soon Kenneth
Executive Director
Eastern Holdings Ltd
7 January 2014

http://infopub.sgx.com/FileOpen/EHL-Ann_...eID=269999

(07-01-2014, 05:42 PM)smallcaps Wrote: Based on this price (30% for 7.368 mil), 100% would be 24.56 mil for the subsidiary that owns Bryton House

Quote:INCREASE IN SHAREHOLDING IN SUBSIDIARY

The Board of Directors (the “Board”) of Eastern Holdings Ltd. (the “Company”) wishes to announce
that it has on 7 January 2014, entered into a sale and purchase agreement for the purchase of
180,000 shares, comprising the remaining 30% equityinterest that it does not already hold, in Hoy
Fatt Pte. Ltd. (“Hoy Fatt”) for a cash consideration of S$7,368,040.78 (the “Net Consideration”) (the
“Acquisition”).
The Acquisition is conditional upon the approval bythe relevant authorities.
Following the Acquisition, Hoy Fatt will become a wholly-owned subsidiary of the Company.
The Consideration was arrived at after arm’s length negotiations, on a willing-buyer, willing-seller
basis, taking into account, inter alia, the value of the property owned by Hoy Fatt.
None of the directors or substantial shareholders of the Company has any direct or indirect interest in
the Acquisition.
BY ORDER OF THE BOARD
Tan Kay Soon Kenneth
Executive Director
Eastern Holdings Ltd
7 January 2014

http://infopub.sgx.com/FileOpen/EHL-Ann_...eID=269999

Seems like a reasonable deal, better than to invest excess cash in some mutual funds (20m iirc)

Implied valuation is 9.9% disc to the sale price $27m.

The disc is for minority stake disc or no confidence in closing disputed $27m sale?

Eastern probably very confident of closing the $27m sale or winning the lawsuit and
collecting enough damages.

Curious question. Does such increase of shareholdings in subsidiary result in goodwill over minority interest being added to the balance sheet?

(07-01-2014, 07:29 PM)smallcaps Wrote: Curious question. Does such increase of shareholdings in subsidiary result in goodwill over minority interest being added to the balance sheet?

There will be goodwill if purchase price of 7+m is above the minority interst (0.4m as of 31/3/13).

(07-01-2014, 08:45 PM)fat al Wrote:

(07-01-2014, 07:29 PM)smallcaps Wrote: Curious question. Does such increase of shareholdings in subsidiary result in goodwill over minority interest being added to the balance sheet?

There will be goodwill if purchase price of 7+m is above the minority interst (0.4m as of 31/3/13).

Thanks!

Actually i was thinking goodwill will be added if the purchase price is above the latest valuation of 27m for hoy fatt

(07-01-2014, 09:24 PM)safetyfirst Wrote: Actually i was thinking goodwill will be added if the purchase price is above the latest valuation of 27m for hoy fatt

No leh becoz EHL carries investment properties at cost less depreciation.