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Thursday, September 02, 1999
 
AC ( 09/02/1999 : BW )
Property conglomerate Ayala Corp. yesterday announced it would purchase a 49.12% controlling interest in Singapore property firm TLB Land Ltd. The stake, valued at Singapore $74.4mn (or US$40mn), would be bought from Keppel Tatlee Bank Ltd. by Ambeca Pte. Ltd., a wholly owned subsidiary of the Ayala Group. Ayala plans to make TLB its regional property and investment vehicle for the Asian market. "With TLB Land as its regional property vehicle and given the importance of sourcing competitively priced capital for property companies, the Ayala Group will be able to take advantage of Singapore's position as one of the premier regional business centers and benefit from an enhanced ability to tap the increasingly deep and sophisticated capital markets," Ayala Corp. said in a disclosure to the PSE. It likewise noted that it may consolidate some of its existing property-related investments into TLB Land in the future. After the acquisition is completed, Keppel Land Ltd. is then expected to purchase four companies from TLB Land. The four companies are Bukit Hill Development Pte. Ltd, Evansville Investments Pte. Ltd., Tat Chuan Development Pte. Ltd. and Sin Lee Investment Holdings Pte. Ltd. The properties owned by these firms are a 1,280 sqm. freehold site at Devonshire Road; a 1,039 sqm. freehold site at Cairnhill Circle; three parcels of land 5,195 sqm. wide at Mar Thoma Road; and a 12,929 sqm. plot of land in Shanghai. Meanwhile, Ayala also announced Keppel Land and TLB Land may enter into future joint venture projects even with the proposed disposal of some of the assets. Last month, Ayala Corp. announced it inked an agreement with UK-based Grosvenor Ltd. for the acquisition of a 16.6% stake in Hong Kong property developer Asia Standard International Group Ltd. for HK$408.12mn (US$5.1mn).
- posted by StockMarket @ 4:08 PM

Wednesday, September 01, 1999
 
AC ( 09/01/1999 : PSE )
Please be informed that Ayala Corp.'s wholly-owned subsidiary, Ayala
International Pte Ltd (Ayala International), has agreed to purchase Keppel
TatLee Bank Limited's (Keppel TatLee Bank) 36,841,545 shares or
49.12% interest in TLB Land Limited (TLB Land), a publicly-listed company
in Singapore, at SGD 2.02 per share or SGD 74.4M. This acquisition will
be made through Ayala International's wholly-owned subsidiary, Ambeca
Pte Ltd (Ambeca). As Ambeca will acquire more than 25% of the shares
in TLB Land, Ambeca will be required to make a mandatory general offer
to the other shareholders of TLB Land to acquire the remaining shares in
TLB Land in compliance with Singapore take-over legislation and rules.
TLB Land is an investment holding company whose principal business is
property development and investment. Keppel TatLee Bank, the vendor of
the 49.1% stake in TLB Land, is a Singapore bank within the Keppel group
of companies. Keppel Corp. is a government-linked company. The
possibility of joint ventures between Keppel Land and TLB Land in relation
to certain property projects, in the event of the Proposed Disposals taking
place, is presently being discussed. Further information on the above
investment transaction would be made available following the dispatch of
the Singapore offer document to shareholders of TLB Land in due course.
- posted by StockMarket @ 4:07 PM


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