Thakral announces real estate investment programme with Aberdeen

By

Elizabeth Makeamak@sph.com.sg

AUG 19, 20156:09 PM

Mainboard-listed Thakral Corporation announced that it has established a programme with investment management group Aberdeen Asset Management Asia to invest in Australian real estate projects.

Its subsidiaries, TCAP Investments Limited and Thakral Capital Australia Pty Ltd (TCAP), signed the documents for the TCAP Australian Mezzanine Programme on Wednesday.

The programme will focus on projects on the East Coast, particularly in the central business districts and developed suburbs of Brisbane, Melbourne and Sydney.

TCAP, a manager and investor of wholesale and third-party funds, will be the initial investor in these projects, maintaining the right to invest in preferred equity or mezzanine debt.

See who is talking about ABERDEEN

Last 30 days:

• 306
• 18
• 217

30 days avg

HOT COMPANIES

Glencore +975% messages

• Hikma Pharma +169%
• Imperial Tobacco +156%
• Admiral +142%
• Persimmon +126%
• Kingfisher +62%
• Inmarsat +54%
• JMAT +49%
• Shell +45%
• Antofagasta +44%

• Hikma Pharma +169%
• Imperial Tobacco +156%
• Admiral +142%
• Persimmon +126%
• Kingfisher +62%
• Inmarsat +54%
• JMAT +49%
• Shell +45%
• Antofagasta +44%

The programme is established through a trust in Australia and has a term of six years, although it is subject to extension with the agreement of Aberdeen.

It has also been agreed that TCAP will manage the programme, with responsibilities including: deal sourcing, due diligence, underwriting, valuations and the management of the investments.

Jaginder Singh Pasricha, Thakral Corporation's managing director of investments and corporate, said: "The programme gives us better access to capital for our projects.

"Having Aberdeen as an investor demonstrates that we have the confidence of global fund managers to manage their capital prudently and provide strong returns ... With the backing of Aberdeen, Thakral will have greater flexibility in sourcing capital for deployment alongside our own capital in its projects."

    

Phillip, CIMB, UOB impose curbs on Noble Group share trading    

Phillip Securities, UOB-Kay Hian Holdings and CIMB Group Holdings restricted online trading and imposed other curbs on Noble Group Ltd. shares as volatility rose. The stock posted its first gain in seven days.

PHOTO: BLOOMBERG

AUG 19, 20156:17 PM

[SINGAPORE] Phillip Securities, UOB-Kay Hian Holdings and CIMB Group Holdings restricted online trading and imposed other curbs on Noble Group Ltd. shares as volatility rose. The stock posted its first gain in seven days.

Phillip Securities will limit Noble trading to phone orders through its brokers. CIMB is asking clients buying more than S$200,000 of the Singapore-traded stock to pay cash upfront, according to trader Ernest Lim. At UOB, a 50 per cent cash down-payment is required for purchases above S$50,000, dealer Jimmy Ho said.

Noble, the worst-performer on the benchmark Straits Times Index this year, has slumped more than 60 percent since February when its accounting methods first came under attack by a group called Iceberg Research. Since then, profit has been hurt by the slide in global commodity markets, the company's credit outlook has been cut to negative and its bonds are trading below prices typical of an investment grade issuer.

"This is part of our normal risk management process," Loh Hoon Sun, managing director of Phillip Securities, said in a phone interview, adding that its brokers "will look at each client's background to make sure they don't over trade on this speculative stock."