Singapore shares were steady at midday, but stocks of
Singapore Press Holdings Ltd (SPH) rose to their
highest since June 2008 after the media and property company
said it plans to list a real estate investment trust.
The Straits Times Index and the MSCI index of
Asia-Pacific shares outside Japan were flat.
SPH shares jumped as much as 3.8 percent to a 4-3/4 year
high of S$4.33 on Monday. About 6.6 million shares were traded,
twice the average full-day volume over the past 30 days.
The planned listing will take the form of a real estate
investment trust (REIT). The properties forming the REIT and the
terms at which they would be injected are under review, SPH said
in a statement.
OCBC Investment Research noted that SPH holds three retail
mall assets and estimated a total valuation of S$3.53 billion
"If this transaction does occur, we see it to be a
favourable move which would unlock additional value from its
mall assets, by housing them in a more tax-effective REIT
structure, and recycle capital back into the group's growing
retail mall business," OCBC said.
To read SPH's statement, click
1145 (0345 GMT)