Metro Holdings

[greengiraffe]

http://info.sgx.com/webcorannc.nsf/Annou...endocument

Metro up to something in Singapore, they better be right since they have not done anything on their own in Singapore for a long while especially after selling out on their prized stake in Ngee Ann City

[pianist]

What R they up to

[a74henry]

Maybe they are expanding into Johor?

[GFG]

AGM on the 17th July 2013
Anyone has any comments/queries to bring up at AGM?

[pianist]

can help me ask whether the elder ong pay has been reduced?

[Andrewgoh]

I think from the recent AR, can see that staff cost drop about 10% FY12 to FY13.

Directors’ emoluments:
Directors of the Company
- Other emoluments (FY13) 3,944 (FY12) 8,826

More interested in is anyone going there to incept the idea of a reit?

1) A huge bulk of the income is from Rental from investment properties, and its quite silly to have it taxed at corp tax and distributed, better to have it in a reit structure and let the income flow thru untaxed. By forming a reit, they can recycle their resource as well and gear it back up to 30% in the reit. from AR, the non-current liab part of CNY secured loan is $43,315 compared to the value of the portfolio of chinese inv prop they have ~550mil, which is way more than the 300mil required for a reit.

2) By spinning off, could also unlock shareholder value as the stock is still trading at a huge discount to its NAV/cash per shr and let the OPMI to decide whether to be invested in their china investment prop or the holding firm [prop dev/retail biz + china inv prop (via holdings in the reit)] as post spin off market value of combined entity likely to be higher.

[camelking]

Among the investment properties, only GIE tower (Guangzhou) and Frontier Koishikawa (tokyo) are 100% owned.
Guess may not be that easy for them to reit those not fully owned assets?

vested

[Andrewgoh]

Quite certain that you do not need to have fully owned assets nor required to have it directly under the company's name, you see capitalmalltrust, inside alot of assets also not 100%, saizen reit also do not legally own the japanese assets under its name. You can look up its structure here http://www.saizenreit.com.sg/index.php?o...0&Itemid=9

check against SGX listing requirements, Ownership of the real estate can be direct (held by the trustee of the REIT) or indirect (held via a special purpose vehicle of which the trustee is the shareholder).

[camelking]

i see.. thank you

[GFG]

can help me ask whether the elder ong pay has been reduced?

Last yr it was ard 7mil plus
This yr it is about 4 mil.

---

Quite certain that you do not need to have fully owned assets nor required to have it directly under the company's name, you see capitalmalltrust, inside alot of assets also not 100%, saizen reit also do not legally own the japanese assets under its name. You can look up its structure here http://www.saizenreit.com.sg/index.php?o...0&Itemid=9

check against SGX listing requirements, Ownership of the real estate can be direct (held by the trustee of the REIT) or indirect (held via a special purpose vehicle of which the trustee is the shareholder).

REIT would be an interesting idea. Many property companies are spinning off REITs now to take advantage of low interest rates.

But any REIT will Prob still require metro to act as the parent, and the future value will be dependent on market sentiment to price it.
PerhaPs management feels the the long term
recurring cashflow is more lucrative than creating a REIT at this point