Capitaland 01 (May 08 - May 10)

Re: Capitaland

Postby millionairemind » Mon Nov 10, 2008 10:43 pm

CapitaLand May Take Over Singapore Casino, CIMB Says (Update1)

By Chen Shiyin

Nov. 10 (Bloomberg) -- Singapore's government may form a venture with CapitaLand Ltd. to take over one of the island's two casino-resorts if Las Vegas Sands Corp. fails to stave off loan defaults, CIMB-GK Research Pte said.

Las Vegas Sands, the gaming company that said last week it may default on debt and face bankruptcy, reiterated on Nov. 8 that it's committed to the $4 billion Singapore resort. The company has drawn down at least S$2 billion ($1.3 billion) from a S$5 billion credit facility by several banks for the project.

``If Las Vegas Sands cannot cough up its share of equity, the Singapore government is likely to step in,'' Donald Chua, a Singapore-based analyst at CIMB-GK, wrote in a report today. ``A viable option could be a 49:51 joint venture between the government and CapitaLand, with CapitaLand taking a controlling stake in the project.''

Las Vegas Sands was one of two gaming companies that won the right to build resorts in Singapore after the city-state lifted a four-decade ban on casinos in 2005 to diversify the economy and create jobs. The company said last week it faces ``substantial doubt'' about its ability to survive and may be short of cash for $16 billion of projects in Asia.

Las Vegas Sands said in an e-mailed statement today it declined to comment on its earnings announcement. CapitaLand said in an e-mail it hasn't held any discussions with the Las Vegas- based company, adding that it's seeking investments in the ``continuing global recessionary environment.''

`Carefully Explored'

``Potential opportunities will be carefully explored and evaluated, ensuring that an acquisition is made only at the right time, right price and when target returns are met given the current difficult economic operating environment,'' CapitaLand said in the statement.

The Singapore Tourism Board said in an e-mailed response to Bloomberg queries today it remains ``in dialogue'' with Marina Bay Sands and will ``work closely'' with the company to complete the project. Singapore's Minister Mentor Lee Kuan Yew said Las Vegas Sands's development will go on even as the project comes ``under pressure,'' the Business Times reported today.

CapitaLand, Southeast Asia's largest developer, formed a partnership with MGM Mirage in 2005 to bid for the project that Las Vegas Sands won. It also teamed up with Bahamas-based Kerzner International Ltd. to submit a failed bid for a second gaming resort on Sentosa island. The developer also invested in an entertainment project in Macau last year, giving it a foothold in the world's biggest casino market by gaming revenue.

Holding Cash

Liew Mun Leong, CapitaLand's chief executive officer, said on Oct. 31 the developer's cash position stood at S$4.2 billion, enabling it to seek opportunities for acquisitions. The developer also said that third-quarter profit fell 26 percent as slowing economic growth hurt demand for homes in Singapore, China and Australia.

Participation in the gaming resort, as well as possible provisions for the value of its land holdings amid a slump in prices, will raise CapitaLand's net gearing, or debt-to-equity ratio, to more than the company's target of 0.8 times, CIMB-GK's Chua wrote in the report.

``While it is currently well-capitalized, we believe the sheer size of the Marina integrated resort project could pose substantial funding strains,'' the analyst said.

CapitaLand rose 7 cents, or 2.2 percent, to S$3.24 at the close in Singapore. The stock has dropped 48 percent this year, compared with a 45 percent retreat in the benchmark Straits Times Index.

Still, taking a stake in the Marina Bay gaming resort could boost the company's net asset values and earnings outlook, Chua said in the report. The regulated gambling market in the Asia- Pacific region is expected to expand 15.7 percent a year to $30.3 billion in 2011, PricewaterhouseCoopers LLP has estimated.

``If the funding hurdle can be crossed through different schemes of arrangement, we believe a possible participation in an integrated resort could spell exciting long-term values for the group,'' Chua wrote.
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Re: Capitaland

Postby kennynah » Tue Nov 11, 2008 1:19 am

die die...these d*cks want these sinful joints to be erected without fail....
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Re: Capitaland

Postby millionairemind » Tue Nov 11, 2008 7:16 pm

CapitaLand says no casino talks with Las Vegas Sands
Reuters - Tuesday, November 11
SINGAPORE, Nov 10 - Property developer CapitaLand <CATL.SI> said on Monday it has not held any talks with Las Vegas Sands <LVS.N> over its Singapore casino-resort project, but will explore opportunities to invest in distressed assets.

The statement came after brokerage firm CIMB said in a report on Monday that CapitaLand, Southeast Asia's biggest property firm, and the Singapore government may take over the casino-resort if Las Vegas Sands fails to avert loan defaults.

Local newspapers have reported that Las Vegas Sands had held talks with the Singapore government about the project, which is targeted to open at the end of 2009.

"CapitaLand wishes to clarify that no discussion has transpired between itself and Sands," it said in a statement.

"In the present continuing global recessionary environment, it is strategically watching the situation and studying opportunities related to distressed companies or assets, in Singapore and other core markets," CapitaLand said.


CapitaLand is 40 percent owned by Singapore sovereign wealth fund Temasek Holdings [TEM.UL].

Last week Las Vegas Sands affirmed its commitment to the Marina Bay project in Singapore as investors became concerned about its fate after the casino operator's auditor said there are doubts about the company's ability to continue as a going concern
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Re: Capitaland

Postby winston » Mon Nov 24, 2008 3:57 pm

- Lower sales of residential projects
- One-off gain of S$432.7m from divestments
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Capitaland

Postby iam802 » Fri Nov 28, 2008 10:23 am

Further to its announcement of 29 August 2008, CapitaLand Limited (“CapitaLand”)wishes to announce that completion of the sale by CapitaLand and the other shareholders (collectively the “Vendors”) of their respective shareholdings in Inverfin Sdn Bhd (“Inverfin”), which owns the office building in Kuala Lumpur known as Menara Citibank, has not taken place as the balance purchase price has not been paid by IOI Corporation Berhad (the “Purchaser”) on the completion date for the transaction.

Consequently, the sale and purchase agreement has been terminated and pursuantto the termination, the entire deposit paid by the Purchaser, amounting to RM73,362,600 (approximately S$31.2 million) has been forfeited in favour of the Vendors, of which CapitaLand’s portion is RM22,008,780 (approximately S$9.3million) corresponding to its 30% equity stake in Inverfin.

Had the transaction proceeded to completion, CapitaLand would have recognised a gain of approximately S$22.1 million. This would have had no material impact on the net tangible assets or earnings per share of the CapitaLand Group for the financial year ending 31 December 2008.

The termination of the transaction will result in a gain of approximately S$9.3 million due to the forfeiture of the deposit. This would have had no material impact on thenet tangible assets or earnings per share of the CapitaLand Group for the financial year ending 31 December 2008.

By Order of the Board Low Sai Choy
Company Secretary
27 November 2008
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Re: Capitaland

Postby kennynah » Sat Nov 29, 2008 3:51 am


The termination of the transaction will result in a gain of approximately S$9.3 million due to the forfeiture of the deposit. This would have had no material impact on the net tangible assets or earnings per share of the CapitaLand Group for the financial year ending 31 December 2008.

By Order of the Board Low Sai Choy
Company Secretary
27 November 2008


i just dont understand..... how can profits not have any material impact on the net tangible assets or earnings per share of the CapitaLand Group for the financial year ending 31 December 2008 ???
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Re: Capitaland

Postby helios » Sat Nov 29, 2008 10:31 am

29Nov - Property giant CapitaLand has completed its pitch and reappointed OMD for its regional media account.
OMD, which has held the CapitaLand business for the past two years, defeated ZenithOptimedia in the final stages of the pitch. The account is believed to be worth between $10 million to $15 million.

Source: Marketing-Interactive.com
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Re: Capitaland

Postby ucypmas » Sat Nov 29, 2008 11:14 pm

i just dont understand..... how can profits not have any material impact on the net tangible assets or earnings per share of the CapitaLand Group for the financial year ending 31 December 2008 ???


Perhaps they mean that the amount is so small that will not make a difference to the final numbers. For a multi-billion company like Capitaland S$9.3mil is probably small change for them...

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Re: Capitaland

Postby kennynah » Sun Nov 30, 2008 6:41 am

i see...thanks...by the way...what is capital land's market cap?
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Re: Capitaland

Postby ucypmas » Mon Dec 01, 2008 10:16 pm

From Bloomberg

No of Shares: 2,823.440
Price at 01/12/2008: SGD 2.59
Market Cap: SGD 7,312.71 mil

Earlier this year it was a 20-bil market cap company. Some haircut..
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