Singapore-listed Sing Holdings Limited and Dubai Investment Group (DIG), through its subsidiary Dubai Ventures, have become strategic partners through the placement of 27 million new shares in Sing Holdings to DIG at S$0.43 a share. The stake represents approximately 10% of Sing Holdings' enlarged share capital, thereby making DIG a substantial shareholder of the home grown Singapore property company. The shares bought by DIG are part of the share placement exercise that Sing Holdings announced on 29 March, 2007, and SGX approval has now been duly obtained.
DIG is a Dubai Group company. Dubai Group is the global financial investor of Dubai Holding. Dubai Holding was established to consolidate the various large scale infrastructure and investment projects in Dubai. Through Dubai Group, DIG manages a group of investment companies that focus on identifying, acquiring and building long-term businesses. It has been aggressively building up a diversified and prestigious worldwide portfolio of investments across the financial, industrial, real estate and hospitality sectors.
DIG's investment in Sing Holdings is significant for both parties in that DIG is the first global conglomerate to take a substantial equity stake in Sing Holdings, and for DIG, it is its maiden investment in a listed property company in Singapore. Besides taking a major stake in Sing Holdings, DIG is also exploring joint venture possibilities with the company to develop properties in Singapore. If a joint venture materializes, it would mark DIG's first property development project in Singapore.
"We are honoured to be chosen as DIG's first investment in a property company in Singapore. We are confident that this will be a fruitful partnership and we look forward to more business collaborations with DIG," said Mr Lee Fee Huang, Executive Chairman, Sing Holdings.
Mr Abdulhakeem Kamkar, Chief Executive Officer, DIG, said, "Sing Holdings is a veteran in the island state's property development business with over 40 years of experience. Our subsidiary, Dubai Ventures, specifically identifies suitable investments for DIG in the South East Asian markets, and we felt that Sing Holdings has the potential to deliver exceptional returns to our portfolio. I see this as the beginning of a long term successful business relationship."
Since November last year, Sing Holdings has been actively making land acquisitions. To date it has acquired three freehold residential properties - Finland Gardens, Bellerive and Hillcourt Apartments. All three residential development projects are joint ventures with Forum Partners, with Sing Holdings having a 70% stake and Forum Partners 30%.
"Strategic partnerships are important to us. The sharing of market knowledge, resources, expertise and experiences will contribute much to Sing Holdings as we move into our next phase of growth. Through the years, Sing Holdings has benefited from good partnerships. Now, we are indeed delighted to have DIG as a strategic investor in our company," said Mr Lee Sze Hao, Managing Director, Sing Holdings.
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About Sing Holdings Limited
Sing Holdings was listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") Dealing and Automated Quotation System (the "SGX-SESDAQ") on 26 April 2006.
Founded in 1964, Sing Holdings Limited is the holding company of a homegrown property development and investment group (the "Group"). Having been in the real estate business for more than 40 years, the Group has developed a diverse range of properties including houses, apartments, condominiums, office buildings, factories and warehouses.
Some of the Group's developments in Singapore include high-end residential projects such as 38 Draycott Drive and a development project at 3 Meyer Place named Meyer Residence, commercial properties - EastGate in the East Coast area and an industrial property in Aljunied - BizTech Centre. Subject to approvals from the Strata Titles Board and obtaining qualifying certificate, the Group has acquired three sites for residential property development - Finland Gardens in the East Coast, Bellerive in Keng Chin Road and Hillcourt in Cairnhill Road.
About Dubai Investment Group (DIG)
DIG is a Dubai Group company. Dubai Group is the global financial investor of Dubai Holding. Headquartered in Dubai, UAE, with local offices in New York, London, Hong Kong and Kuala Lumpur, the Group focuses on long and short term investments with the potential to deliver exceptional and sustainable returns.
DIG is structured as a conglomerate of investment companies with core investment expertise in the Industrial sector, Finance, Global Securities, Real Estate and Hospitality. The Group creates and manages a diversified and rapidly expanding portfolio of direct and indirect investments.
DIG acquired a 12.9 per cent stake in Singapore-listed China Enersave in September 2006. Dubai Financial LLC, a DIG subsidiary, has a 40 per cent stake in Bank Islam Malaysia Berhard (BIMB), Malaysia's oldest Shariah-compliant bank.
About Dubai Ventures
Dubai Ventures identifies opportunistic investments for the Dubai Investment Group, with a focus on the Indian subcontinent, South East Asia and North Asian markets. With offices in Kuala Lumpur and Hong Kong, Dubai Ventures invests in equity, while concentrating on capital expansion for established companies.
Dubai Ventures executes its investments via pre-IPO and IPO placements, and stakes in listed equities. It targets both long and short term investments that have the potential to deliver exceptional and sustainable returns.
With a constant focus on corporate governance, performance and sustainable profitability, Dubai Ventures is supported by the expertise of its staff and Dubai Investment Group's international presence.
For further information about Sing Holdings Limited, please contact:
Rebekah Goh
NRA Capital
Tel: + 65 6236 6895, +65 9780 5498
Email: rebekah.goh@nracapital.com
For further information on Dubai Investment Group, please contact:
Natasha Sterling
JiWin
The Public Relations Subsidiary of Dubai Press Club
Dubai Media City
Tel: +971 4 3613333
Mob: +971 50 252 8014
Fax: + 971 4 3888001
Email: natasha.sterling@jiwin.ae
© Press Release 2007
