SG Morning Highlights | Mapletree Logistics Trust Set to Sell Xi'an Subsidiary for 70.5 Million Yuan

Singapore shares opened higher on Thursday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.60 percent to 3327.23 as at 9:05 am.

$Mapletree Log Tr (M44U.SG)$: Mapletree Logistics Trust has announced plans to sell its entire equity interest in Mapletree Logistics Warehouse (Xian) to an unrelated third party for an estimated price of 70.5 million yuan ($13.1 million). The foreign-owned enterprise owns Mapletree Xi'an Logistics Park, which includes a single-storey warehouse, a four-storey office, and a two-storey warehouse in China's Xi'an city. The logistics park has a net lettable area of 22,876 sq m and is nearly 20 years old. The sale is expected to be completed by Q3 2024/2025, and the divestment will not materially impact Mapletree Logistics Trust's net asset value and net property income for the fiscal year.

$Man Oriental USD (M04.SG)$: Mandarin Oriental International has signed an option to sell its interests in two retail units adjoining the Mandarin Oriental, Paris to Lavender Propco, an entity controlled by Blackstone Europe, for €148m ($174m). The sale is expected to complete on or after 30 June, and proceeds will go towards the group's general development strategy. In May, the group sold the hotel to Statuto Group for €205m. The group said it would retain a long-term agreement to manage and brand the hotel after the sale. Before the announcement, shares of Mandarin Oriental closed at $1.74.

$Ossia Intl (O08.SG)$: The Goh family, which controls Ossia International, has proposed to privatise the Singapore-based distributor and retailer of luxury goods at S$0.145 per share in cash through a voluntary unconditional offer. The Goh family cited continuity in the company's operations as a reason for the privatisation offer and added that the offer would provide shareholders with the opportunity to realise their investment at a premium without incurring brokerage costs. The offer price represents a premium of approximately 20.8% over Ossia International's last traded price on 7 June. The company has requested the lifting of a trading halt following the announcement.