By Marissa Lee
Published 19.12.2017
The Straits Times
Billionaire Peter Lim is injecting the privately held Thomson Medical Group and other healthcare assets into the Singapore-listed real estate firm Rowsley for $1.6 billion.
The deal is expected to be completed in the first quarter of next year. Rowsley will then be renamed Thomson Medical Group to reflect its change in focus to healthcare.
Rowsley will acquire Thomson Medical, the provider of healthcare services for women and children in Singapore which Mr Lim privatised for around $513 million in 2010.
It will also acquire a 70.36 per cent stake in Malaysia-listed TMC Life Sciences (TMCLS), which has a market cap of RM1.47 billion (S$485.5 million).
TMCLS owns the 200-bed Tropicana Medical Centre in Klang Valley, Kuala Lumpur, and plans to add 400 more beds at the end of 2020.
TMCLS also plans to complete Thomson Iskandar Medical Hub in Rowsley's Vantage Bay Healthcare City in 2021.
After paying for the purchase by issuing 21.3 billion new shares to Mr Lim at 7.5 cents apiece, Rowsley's market cap would swell to $2.13 billion. That would make Rowsley larger than rival hospital player Raffles Medical Group, which has a market cap of $1.93 billion, Rowsley told a briefing at the Goodwood Park Hotel yesterday.
Rowsley shares surged 2.5 cents, or 22.52 per cent, to 13.6 cents yesterday after the deal was announced, and was the top active counter with 305.8 million shares changing hands.
Rowsley announced plans in July to spend up to $1.9 billion to buy Mr Lim's healthcare assets and acquire one or more other medical practices. These other acquisitions did not pan out, it said yesterday.
After Mr Lim's asset injection, roughly two-thirds of Rowsley's revenue will come from healthcare, said Thomson Medical executive chairman Roy Quek.
Thomson Medical and Mr Lim's share of TMCLS raked in $199.4 million in revenue in the 12 months to Aug 31, up from $193.3 million in the same period a year earlier.
These assets generated a net profit of $32.8 million, up from $26.7 million in the year before.
Rowsley plans to undertake a strategic review of its non-healthcare assets, including real estate, consultancy and hospitality operations, once shareholders approve the deal.
Healthcare is a hot sector in Singapore as its population ages.
Dr Beng Teck Liang, chief executive of Catalist-listed clinic operator Singapore Medical Group, welcomed the entrance of a new listed healthcare player in the local market. He told The Straits Times: "It's good because it raises the profile of all healthcare companies, when it's such a large listing.
"Hopefully we can do a bit more to raise Singapore's profile in the region, so that we can attract more medical tourism. A lot of growth is coming from the region."
Showing posts with label Rowsley. Show all posts
Showing posts with label Rowsley. Show all posts
Tuesday, December 19, 2017
Wednesday, July 19, 2017
Singapore's Rowsley to buy healthcare assets for up to S$1.9b
19 Jul 2017
SINGAPORE: Singapore's mainboard-listed Rowsley Ltd on Tuesday (Jul 18) announced plan to expand into the healthcare sector with the signing of a non-binding term sheet to purchase the healthcare assets of its controlling shareholder, Lim Eng Hock, worth about S$1.9 billion (US$1.4 billion).
Rowsley is a multi-disciplinary real estate company with businesses in design and engineering, real estate development and hospitality.
A sales and purchase agreement is expected to be completed within two months.
The proposed acquisition is an all-share deal for a 100 per cent of Thomson Medical Pte Ltd and a 70.36 per cent stake in TMC Life Sciences Bhd (TMCLS), a Bursa Malaysia-listed company.
Thomson Medical is one of Singapore’s leading providers of healthcare services for women and children while TMCLS is a healthcare company which mainly operates through Tropicana Medical Centre, its flagship hospital.
The proposed acquisition will be financed through the issuance of new shares at S$0.075 per share.
“This proposed acquisition is an opportunity for us to acquire controlling stakes in two established healthcare assets in Singapore and Malaysia and be part of an expanding business,” said Rowsley Chairman, Ng Ser Miang in a statement.
“Healthcare is a big and growing market due to ageing demographics, longer lifespan, major trends to increase birth rates, and growing affluence. This deal will diversify Rowsley’s portfolio as well as strengthen our current businesses. It will also significantly increase Rowsley’s market capitalisation, market profile, and generate investor interest,” said Ng.
The proposed acquisition will also bring TMCLS's proposed Thomson Iskandar project in Iskandar, Johor, together with Rowsley's investment in Vantage Bay Healthcare City.
Thomson Iskandar is an integrated development that comprises a 500-bed general hospital, 400 medical suites and a retail mall.
The hospital will be equipped with state-of-the-art facilities and equipment.
“We will be able to derive synergy from combining both projects together under one company. Our enlarged company profile will further help us to attract high-quality healthcare players and investors to work with us on our Iskandar healthcare project,” said Ng.
Upon completion, Rowsley planned to issue bonus warrants to existing shareholders on the basis of two bonus warrants for every one existing share.
Each bonus warrant will have an exercise price of S$0.09 per share.
In addition, Rowsley planned to issue additional warrants (piggyback warrants) on the basis of one piggyback warrant for every one bonus warrant that is exercised.
Each piggyback warrant will have an exercise price of S$0.12 per share.
“We appreciate the support of our existing shareholders. The proposed issue of warrants is to reward our shareholders for their support of the firm. We will continue as a company to pursue opportunities that we believe provide long-term value to shareholders,” Ng said.
Upon completion of the deal, Rowsley will become a major healthcare player.
According to Singapore Exchange Market Watch statistic, healthcare is projected to be the leading sector in total returns to shareholders.
Singapore has boosted healthcare spending in recent years as its population ages.
One in four Singaporeans will be aged 65 and above by 2030, and similar demographics in Malaysia point towards an opportunity in primary healthcare and long-term healthcare.
“We are extremely excited at this opportunity to further transform Rowsley as we continue to build and grow our existing real estate related businesses,” said Ng.
Source: Bernama/de
Read more at http://www.channelnewsasia.com/news/business/singapore-s-rowsley-to-buy-healthcare-assets-for-up-to-s-1-9b-9043284
SINGAPORE: Singapore's mainboard-listed Rowsley Ltd on Tuesday (Jul 18) announced plan to expand into the healthcare sector with the signing of a non-binding term sheet to purchase the healthcare assets of its controlling shareholder, Lim Eng Hock, worth about S$1.9 billion (US$1.4 billion).
Rowsley is a multi-disciplinary real estate company with businesses in design and engineering, real estate development and hospitality.
A sales and purchase agreement is expected to be completed within two months.
The proposed acquisition is an all-share deal for a 100 per cent of Thomson Medical Pte Ltd and a 70.36 per cent stake in TMC Life Sciences Bhd (TMCLS), a Bursa Malaysia-listed company.
Thomson Medical is one of Singapore’s leading providers of healthcare services for women and children while TMCLS is a healthcare company which mainly operates through Tropicana Medical Centre, its flagship hospital.
The proposed acquisition will be financed through the issuance of new shares at S$0.075 per share.
“This proposed acquisition is an opportunity for us to acquire controlling stakes in two established healthcare assets in Singapore and Malaysia and be part of an expanding business,” said Rowsley Chairman, Ng Ser Miang in a statement.
“Healthcare is a big and growing market due to ageing demographics, longer lifespan, major trends to increase birth rates, and growing affluence. This deal will diversify Rowsley’s portfolio as well as strengthen our current businesses. It will also significantly increase Rowsley’s market capitalisation, market profile, and generate investor interest,” said Ng.
The proposed acquisition will also bring TMCLS's proposed Thomson Iskandar project in Iskandar, Johor, together with Rowsley's investment in Vantage Bay Healthcare City.
Thomson Iskandar is an integrated development that comprises a 500-bed general hospital, 400 medical suites and a retail mall.
The hospital will be equipped with state-of-the-art facilities and equipment.
“We will be able to derive synergy from combining both projects together under one company. Our enlarged company profile will further help us to attract high-quality healthcare players and investors to work with us on our Iskandar healthcare project,” said Ng.
Upon completion, Rowsley planned to issue bonus warrants to existing shareholders on the basis of two bonus warrants for every one existing share.
Each bonus warrant will have an exercise price of S$0.09 per share.
In addition, Rowsley planned to issue additional warrants (piggyback warrants) on the basis of one piggyback warrant for every one bonus warrant that is exercised.
Each piggyback warrant will have an exercise price of S$0.12 per share.
“We appreciate the support of our existing shareholders. The proposed issue of warrants is to reward our shareholders for their support of the firm. We will continue as a company to pursue opportunities that we believe provide long-term value to shareholders,” Ng said.
Upon completion of the deal, Rowsley will become a major healthcare player.
According to Singapore Exchange Market Watch statistic, healthcare is projected to be the leading sector in total returns to shareholders.
Singapore has boosted healthcare spending in recent years as its population ages.
One in four Singaporeans will be aged 65 and above by 2030, and similar demographics in Malaysia point towards an opportunity in primary healthcare and long-term healthcare.
“We are extremely excited at this opportunity to further transform Rowsley as we continue to build and grow our existing real estate related businesses,” said Ng.
Source: Bernama/de
Read more at http://www.channelnewsasia.com/news/business/singapore-s-rowsley-to-buy-healthcare-assets-for-up-to-s-1-9b-9043284
Wednesday, December 9, 2015
Rowsley, Thomson Medical to develop healthcare mega-city
Marissa Lee
The Straits Times
Wednesday, Dec 09, 2015
Singapore billionaire Peter Lim's upcoming healthcare mega-city in Iskandar Johor is linking up with another of his firms - Thomson Medical.
The private healthcare provider inked a memorandum of understanding yesterday with Rowsley, the developer controlled by Mr Lim.
The deal involves the firms working together to conceptualise, develop and promote the RM5 billion (S$1.7 billion) healthcare city.
Thomson Medical will advise on the wellness and healthcare aspects of the project and evaluate opportunities to operate relevant components, either on its own or together with third parties, said Rowsley in a statement.
Rowsley announced in September that it was re-positioning Vantage Bay into a medical hub instead of a lifestyle township following the decline in the market for residential apartments in Iskandar over the last year.
Vantage Bay Healthcare City, a 9.23ha site a kilometre from the Johor Causeway, will comprise a specialist hospital, a community hospital, long-term care facilities, a teaching hospital, a medical school, research and training institutions and a wellness resort.
Rowsley said in its statement yesterday: "According to official statistics, the number of Malaysians and Singaporeans aged 65 years and older will double to six million by 2030 from today.
"With ageing population and rising healthcare costs, Rowsley believes that Vantage Bay Healthcare City is well-placed to address these trends."
Vantage Bay is next to the Thomson Medical Hub, also being developed by a firm linked to Mr Lim. That project will be managed by Thomson Medical when it is ready in 2018.
Thomson Medical group president Chan Boon Kheng said the firm will play a "pivotal role in the seamless management and coordination" of the Vantage Bay Healthcare City and the Thomson Iskandar projects.
The Straits Times
Wednesday, Dec 09, 2015
Singapore billionaire Peter Lim's upcoming healthcare mega-city in Iskandar Johor is linking up with another of his firms - Thomson Medical.
The private healthcare provider inked a memorandum of understanding yesterday with Rowsley, the developer controlled by Mr Lim.
The deal involves the firms working together to conceptualise, develop and promote the RM5 billion (S$1.7 billion) healthcare city.
Thomson Medical will advise on the wellness and healthcare aspects of the project and evaluate opportunities to operate relevant components, either on its own or together with third parties, said Rowsley in a statement.
Rowsley announced in September that it was re-positioning Vantage Bay into a medical hub instead of a lifestyle township following the decline in the market for residential apartments in Iskandar over the last year.
Vantage Bay Healthcare City, a 9.23ha site a kilometre from the Johor Causeway, will comprise a specialist hospital, a community hospital, long-term care facilities, a teaching hospital, a medical school, research and training institutions and a wellness resort.
Rowsley said in its statement yesterday: "According to official statistics, the number of Malaysians and Singaporeans aged 65 years and older will double to six million by 2030 from today.
"With ageing population and rising healthcare costs, Rowsley believes that Vantage Bay Healthcare City is well-placed to address these trends."
Vantage Bay is next to the Thomson Medical Hub, also being developed by a firm linked to Mr Lim. That project will be managed by Thomson Medical when it is ready in 2018.
Thomson Medical group president Chan Boon Kheng said the firm will play a "pivotal role in the seamless management and coordination" of the Vantage Bay Healthcare City and the Thomson Iskandar projects.
Friday, April 3, 2015
Rowsley calls off mega development project in Myanmar
SINGAPORE (April 3): Rowsley, Singapore billionnaire Peter Lim's listed property group, has called off plans to invest US$275 million ($374 million) in a mega mixed development in Myanmar.
Under a proposed agreement with Hoang Anh Gia Lai Joint Stock Co (HAGL) announced in February, Rowsley would take a 50% stake in a firm that owns HAGL Myanmar Centre, a US$550-million project in Yangon being developed by HAGL.
The proposed joint venture will no longer proceed as both sides could not agree on the details of the investment structure, Rowsley said in a regulatory filing today.
"The company will not enter into the proposed joint venture as the conditions precedent under the heads of terms agreement have not been satisfied," it said, adding that it will continue to explore other investment and development opportunities.
Spread over more than 73,000 sq m of land, HAGL Myanmar Centre will comprise four office blocks, a five-star hotel, a mall, serviced apartments and residential units.
The property, which will have a gross floor area of 640,000 sq m, will open in phases from end-2015.
Rowsley, an architecture and property development firm, has been raising funds and going on road shows to prepare for its foray into Myanmar.
Last week, it issued $100-million, 6.5% three-year notes, marking its first stab at raising funds from bond investors since its transformation from an investment holding firm with no operating assets into a real estate company.
The paper is part of a $500-million multi-currency medium-term note programme set up last November.
Under a proposed agreement with Hoang Anh Gia Lai Joint Stock Co (HAGL) announced in February, Rowsley would take a 50% stake in a firm that owns HAGL Myanmar Centre, a US$550-million project in Yangon being developed by HAGL.
The proposed joint venture will no longer proceed as both sides could not agree on the details of the investment structure, Rowsley said in a regulatory filing today.
"The company will not enter into the proposed joint venture as the conditions precedent under the heads of terms agreement have not been satisfied," it said, adding that it will continue to explore other investment and development opportunities.
Spread over more than 73,000 sq m of land, HAGL Myanmar Centre will comprise four office blocks, a five-star hotel, a mall, serviced apartments and residential units.
The property, which will have a gross floor area of 640,000 sq m, will open in phases from end-2015.
Rowsley, an architecture and property development firm, has been raising funds and going on road shows to prepare for its foray into Myanmar.
Last week, it issued $100-million, 6.5% three-year notes, marking its first stab at raising funds from bond investors since its transformation from an investment holding firm with no operating assets into a real estate company.
The paper is part of a $500-million multi-currency medium-term note programme set up last November.
Thursday, February 12, 2015
Rowsley to invest US$275m in Myanmar development
POSTED: 12 Feb 2015
ChannelNewsAsia
SINGAPORE: Rowsley, a real estate, architectural and engineering consultancy firm part-owned by Singapore billionaire Peter Lim, is making its foray in Myanmar by investing US$275 million (S$274.5 million) in a property project in Yangon.
Under a heads of terms agreement signed on Thursday (Feb 12), Rowsley will take a 50 per cent stake in a company that wholly owns HAGL Myanmar Centre - one of the country's largest integrated projects with four office blocks, a five-star hotel, a retail mall, serviced apartments and residential apartments.
"Yangon currently faces a severe shortage of top-grade office space, hotels and modern malls. The first phase of HAGL Myanmar Centre will be operational in 2015 and will immediately address the acute shortage of real estate in all these asset classes,” Rowsley Chief Executive Officer Lock Wai Han said in a statement.
Rowsley's partner in the project is Vietnam's Hoang Anh Gia Lai Joint Stock Company (HAGL), which will undertake the construction of the entire project.
Spread over more than 73,000 square metres of land located in a prime neighbourhood next to Inya Lake in Yangon, HAGL Myanmar Centre has a land lease term of 50 years and option for another 10+10 years, with the project valued at US$550 million when completed.
Myanmar has seen strong economic growth in recent years. The International Monetary Fund, however, warned earlier this week that the country's economy is set to grow at a slower pace of 7.8 per cent in the fiscal year ending Mar 31 due to a slowdown in agriculture.
- CNA/ek
ChannelNewsAsia
SINGAPORE: Rowsley, a real estate, architectural and engineering consultancy firm part-owned by Singapore billionaire Peter Lim, is making its foray in Myanmar by investing US$275 million (S$274.5 million) in a property project in Yangon.
Under a heads of terms agreement signed on Thursday (Feb 12), Rowsley will take a 50 per cent stake in a company that wholly owns HAGL Myanmar Centre - one of the country's largest integrated projects with four office blocks, a five-star hotel, a retail mall, serviced apartments and residential apartments.
"Yangon currently faces a severe shortage of top-grade office space, hotels and modern malls. The first phase of HAGL Myanmar Centre will be operational in 2015 and will immediately address the acute shortage of real estate in all these asset classes,” Rowsley Chief Executive Officer Lock Wai Han said in a statement.
Rowsley's partner in the project is Vietnam's Hoang Anh Gia Lai Joint Stock Company (HAGL), which will undertake the construction of the entire project.
Spread over more than 73,000 square metres of land located in a prime neighbourhood next to Inya Lake in Yangon, HAGL Myanmar Centre has a land lease term of 50 years and option for another 10+10 years, with the project valued at US$550 million when completed.
Myanmar has seen strong economic growth in recent years. The International Monetary Fund, however, warned earlier this week that the country's economy is set to grow at a slower pace of 7.8 per cent in the fiscal year ending Mar 31 due to a slowdown in agriculture.
- CNA/ek
Friday, February 21, 2014
Rowsley reports Net Loss of $5 million
Rowsley reports Net Loss of $5 million before goodwill write-down
for RSP Acquisition
RSP meets full year profit target of $25 million
Rowsley’s Balance Sheet remains debt-free
Singapore, 21 February 2014 – Rowsley Ltd. today announced a net loss of $5
million for the nine months ended 31 December 2013, before the goodwill write-down
for the purchase of RSP Architects Planners & Engineers. Rowsley said RSP met its
profit target of $25 million for 2013.
Rowsley, which has transformed itself from an investment holding company into
an integrated multi-discipline real estate business, had acquired RSP in September
2013 for $187.5 million by issuing 1,250,000,000 shares at $0.15 each. The
purchase consideration was remeasured at closing date in accordance with financial
reporting standards to $422.5 million at $0.65 cents or $0.338 per share after
adjusting for the warrants issued. As a result, $221 million of goodwill had to be
written down. This is a non-cash accounting adjustment that does not affect the
company’s cash flows or the fundamentals of its business.
RSP, Singapore’s leading architectural firm, was one of two substantial
acquisitions completed last year; the other being a 9.23-hectare piece of land in
Johor Bahru’s Iskandar region to build an integrated wellness and lifestyle
development called Vantage Bay.
Rowsley said that its nine months’ results reflected the consolidation of RSP’s
4th quarter financials after it became a subsidiary. RSP, it added, has achieved profitafter-
tax of $25 million for the full year of 2013 and is on track to meet the targets set
by Rowsley under the terms of the acquisition.
On its Iskandar Region project, Rowsley said that although the Malaysian
government had recently introduced anti-speculative measures for properties, it was
confident that the Johor State Government and Iskandar Regional Development
Authority remained committed to the long-term economic development of the
Iskandar Region. The Johor State Government is in the process of clarifying how
and to what extent the measures will be implemented. Once clarified, Rowsley
expects the strong demand for properties in the Iskandar Region to once again drive
the interest in the Johor property market.
Chiang Chie Foo, Chairman of Rowsley, said: “We have created tremendous
value for shareholders with our two acquisitions and are confident that the demand
for our product in Iskandar will be strong. Being debt-free, we are unfazed by any
anti-speculative measures in the operating environment and are poised for further
growth.”
Lock Wai Han, Rowsley’s Group CEO, added: “Our two acquisitions in 2013
were successfully carried out and we are already seeing the benefits of the synergy.
RSP’s expertise in architecture, urban-planning and engineering will maximise the
potential of the prime land which Vantage Bay sits on.
“We are optimistic that our development project in Vantage Bay will attract
genuine owners and investors.”
Rowsley remains debt-free and continues to look for further investment
opportunities in the region.
for RSP Acquisition
RSP meets full year profit target of $25 million
Rowsley’s Balance Sheet remains debt-free
Singapore, 21 February 2014 – Rowsley Ltd. today announced a net loss of $5
million for the nine months ended 31 December 2013, before the goodwill write-down
for the purchase of RSP Architects Planners & Engineers. Rowsley said RSP met its
profit target of $25 million for 2013.
Rowsley, which has transformed itself from an investment holding company into
an integrated multi-discipline real estate business, had acquired RSP in September
2013 for $187.5 million by issuing 1,250,000,000 shares at $0.15 each. The
purchase consideration was remeasured at closing date in accordance with financial
reporting standards to $422.5 million at $0.65 cents or $0.338 per share after
adjusting for the warrants issued. As a result, $221 million of goodwill had to be
written down. This is a non-cash accounting adjustment that does not affect the
company’s cash flows or the fundamentals of its business.
RSP, Singapore’s leading architectural firm, was one of two substantial
acquisitions completed last year; the other being a 9.23-hectare piece of land in
Johor Bahru’s Iskandar region to build an integrated wellness and lifestyle
development called Vantage Bay.
Rowsley said that its nine months’ results reflected the consolidation of RSP’s
4th quarter financials after it became a subsidiary. RSP, it added, has achieved profitafter-
tax of $25 million for the full year of 2013 and is on track to meet the targets set
by Rowsley under the terms of the acquisition.
On its Iskandar Region project, Rowsley said that although the Malaysian
government had recently introduced anti-speculative measures for properties, it was
confident that the Johor State Government and Iskandar Regional Development
Authority remained committed to the long-term economic development of the
Iskandar Region. The Johor State Government is in the process of clarifying how
and to what extent the measures will be implemented. Once clarified, Rowsley
expects the strong demand for properties in the Iskandar Region to once again drive
the interest in the Johor property market.
Chiang Chie Foo, Chairman of Rowsley, said: “We have created tremendous
value for shareholders with our two acquisitions and are confident that the demand
for our product in Iskandar will be strong. Being debt-free, we are unfazed by any
anti-speculative measures in the operating environment and are poised for further
growth.”
Lock Wai Han, Rowsley’s Group CEO, added: “Our two acquisitions in 2013
were successfully carried out and we are already seeing the benefits of the synergy.
RSP’s expertise in architecture, urban-planning and engineering will maximise the
potential of the prime land which Vantage Bay sits on.
“We are optimistic that our development project in Vantage Bay will attract
genuine owners and investors.”
Rowsley remains debt-free and continues to look for further investment
opportunities in the region.
Thursday, October 10, 2013
Rowsley plans launch of Iskandar units by early ’14
The Business Times
Ong Chor Hao
10/10/2013
ROWSLEY Ltd, which has transformed itself into a property player, could launch residential units from its key development project in Johor's Iskandar region by early next year. The company is also confident about demand despite the possibility of Malaysia's southern-most state imposing a new property tax on buyers.
Ho Kiam Kheong, executive director at Rowsley who oversees its sprawling Vantage Bay development, said this yesterday. Vantage Bay is a mixed-development comprising residences, offices, a mall and a hotel on 9.23 hectares of waterfront land about one kilometre away from the Causeway.
The number of units for the first phase of residential units to be launched was not revealed, but Mr Ho said that overall, Vantage Bay should have more than 3,000 homes.
Prices were also not available, but Mr Ho commented that on a "like-for-like" basis, prices in the area have gone up quite a bit and have surpassed the 1,000 ringgit (S$391) per square foot mark "quite significantly".
While the company is "obviously disappointed" with the possibility of a new tax of about 4-5 per cent of the property price that the local government is mulling over, Mr Ho also welcomed the weeding out of speculation in the market.
He added that the intervention was also a clear sign of sustained demand. "It's hot enough for the government to want to do something."
The journey of Rowsley, controlled by billionaire Peter Lim, from an investment holding company to a real estate player in Iskandar began after it announced two significant deals last December.
The first was to acquire the land that now houses the Vantage Bay project for $358 million; the second was to buy RSP Architects Planners and Engineers for up to $187.5 million.
It has paid in full for the land and about $131.3 million of the consideration for RSP by issuing some 3.3 billion shares at 15 cents each after shareholders gave the green light for the deals last month. It has also issued two free warrants for each share that investors hold. The warrants start trading tomorrow.
The outstanding $56.3 million in consideration for RSP is subject to the architectural firm achieving a net profit after tax totalling $75 million for the next three financial years starting from 2013.
Lai Huen Poh, also an executive director at Rowsley, said the vendors for RSP are expecting to exceed the first-year earn-out target, after making a net profit of $25 million last year.
With its transformation, Ho Tat Kin, executive chairman at Rowsley, noted that the company's market cap has jumped from $140 million to some $1.5 billion in less than a year.
Acquiring RSP provides a strong recurrent income stream, and the firm's expertise and Rowsley's landbank in Iskandar mean "we now have the platform, synergy and scale to put Rowsley on a solid footing as a premium, quality developer", Dr Ho said.
He added that Rowsley is currently debt free and lining up project financing for Iskandar.
It has been swinging between losses and gains in recent years, most recently reporting a net loss of $975,000 for its first quarter ended June 30.
The counter closed 5.6 per cent down at 34 cents yesterday
Ong Chor Hao
10/10/2013
ROWSLEY Ltd, which has transformed itself into a property player, could launch residential units from its key development project in Johor's Iskandar region by early next year. The company is also confident about demand despite the possibility of Malaysia's southern-most state imposing a new property tax on buyers.
Ho Kiam Kheong, executive director at Rowsley who oversees its sprawling Vantage Bay development, said this yesterday. Vantage Bay is a mixed-development comprising residences, offices, a mall and a hotel on 9.23 hectares of waterfront land about one kilometre away from the Causeway.
The number of units for the first phase of residential units to be launched was not revealed, but Mr Ho said that overall, Vantage Bay should have more than 3,000 homes.
Prices were also not available, but Mr Ho commented that on a "like-for-like" basis, prices in the area have gone up quite a bit and have surpassed the 1,000 ringgit (S$391) per square foot mark "quite significantly".
While the company is "obviously disappointed" with the possibility of a new tax of about 4-5 per cent of the property price that the local government is mulling over, Mr Ho also welcomed the weeding out of speculation in the market.
He added that the intervention was also a clear sign of sustained demand. "It's hot enough for the government to want to do something."
The journey of Rowsley, controlled by billionaire Peter Lim, from an investment holding company to a real estate player in Iskandar began after it announced two significant deals last December.
The first was to acquire the land that now houses the Vantage Bay project for $358 million; the second was to buy RSP Architects Planners and Engineers for up to $187.5 million.
It has paid in full for the land and about $131.3 million of the consideration for RSP by issuing some 3.3 billion shares at 15 cents each after shareholders gave the green light for the deals last month. It has also issued two free warrants for each share that investors hold. The warrants start trading tomorrow.
The outstanding $56.3 million in consideration for RSP is subject to the architectural firm achieving a net profit after tax totalling $75 million for the next three financial years starting from 2013.
Lai Huen Poh, also an executive director at Rowsley, said the vendors for RSP are expecting to exceed the first-year earn-out target, after making a net profit of $25 million last year.
With its transformation, Ho Tat Kin, executive chairman at Rowsley, noted that the company's market cap has jumped from $140 million to some $1.5 billion in less than a year.
Acquiring RSP provides a strong recurrent income stream, and the firm's expertise and Rowsley's landbank in Iskandar mean "we now have the platform, synergy and scale to put Rowsley on a solid footing as a premium, quality developer", Dr Ho said.
He added that Rowsley is currently debt free and lining up project financing for Iskandar.
It has been swinging between losses and gains in recent years, most recently reporting a net loss of $975,000 for its first quarter ended June 30.
The counter closed 5.6 per cent down at 34 cents yesterday
Monday, September 2, 2013
How Singapore Billionaire Peter Lim Makes Money From Thin Air
Neerja Jetley, Contributor
Forbes Asia
9/02/2013
Not a single brick has been laid and the ground has yet to be broken on Singapore billionaire Peter Lim’s real estate venture in Malaysia’s Iskandar project. But it has already added around $95 million to his net worth on the basis of 29.9% shareholding of his investment vehicle Rowsley. Shares of the company are up around 370% since the real estate venture was announced.
Lim is converting Rowsley into a real estate player through a reverse takeover (RTO). It will acquire a 9.23- hectare vacant tract of land in Malaysia’s Iskandar region, just across the causeway from Singapore, by issuing 2.4 billion Rowsley shares at a price of $0.12 each, valuing it at about $280 million. It will also acquire Singapore’s largest design firm, RSP Architects Planners & Engineers, by issuing another 1.25 billion shares at $0.12 each. Together, the two deals are valued at $428 million.
Since the deal was announced, shares of Rowsley have been on a tear. Lim already owns the vacant tract of land that Rowsley is now buying in a 70:30 joint venture with the Crown Prince of Johor (Malaysia’s royal principality adjoining Iskandar). The deal helps him monetize the land and raise $428 million in Rowsley for construction of the waterfront township planned. His friend Albert Hong, Principal and largest shareholder at RSP would emerge as 12.21% owner of Rowsley without having to go through the lengthy and complex process of an Initial Public Offering (IPO). Besides, he gets a ready pipeline of projects outside Singapore.
Lim’s followers (yes, there’s an unofficial website tracking him: www.remisierking.blogspot.sg), investors, traders and speculators are gung ho on the RTO, too, for good reason:
First, it gives them a play in the region’s most vibrant property play, the Iskandar region. In the past two years, it’s been attracting the attentions of no less than Malaysia’s richest man Robert Kuok and Australian billionaire Lang Walker along with Singapore’s Temasak Holdings, all investing top dollar into Iskandar.
Second, if property is about location, location, location, the tract of land Rowsley is acquiring happens to be less than a mile from the Singapore-Malaysia causeway. It has a plot ratio higher than others nearby, allowing for a high intensity of land use. And it’s also close to the rail link that will join the two countries by 2018.
Third, Rowsley provides investors a low-risk option compared to a pure property play in Iskandar, especially given Malaysia’s flip-flop policies on foreign ownership of property, it’s relatively high crime rate and cyclical vagaries in the property rental market. Investors are also betting that he’ll bring the motorsports city and the medical hub he is building next door under Rowsley.
And last but not the least, the Rowsley takeover deal includes two free bonus warrants for every existing share at a pre-set exercise price of $0.14. With the fair value of the shares being placed at $0.53 to $0.67 by local bank OCBC, investors would make a more than 300% return on the investment even if they were to buy at Rowsley’s current price of $0.40. Lim, of course, would make a killing as he emerges with 38.73% of Rowsley–even before work begins on the project!
Now if that is not making money from thin air, what is?
Link:
http://www.forbes.com/sites/neerjajetley/2013/09/02/how-singapore-billionaire-peter-lim-makes-money-from-thin-air/
Forbes Asia
9/02/2013
Not a single brick has been laid and the ground has yet to be broken on Singapore billionaire Peter Lim’s real estate venture in Malaysia’s Iskandar project. But it has already added around $95 million to his net worth on the basis of 29.9% shareholding of his investment vehicle Rowsley. Shares of the company are up around 370% since the real estate venture was announced.
Lim is converting Rowsley into a real estate player through a reverse takeover (RTO). It will acquire a 9.23- hectare vacant tract of land in Malaysia’s Iskandar region, just across the causeway from Singapore, by issuing 2.4 billion Rowsley shares at a price of $0.12 each, valuing it at about $280 million. It will also acquire Singapore’s largest design firm, RSP Architects Planners & Engineers, by issuing another 1.25 billion shares at $0.12 each. Together, the two deals are valued at $428 million.
Since the deal was announced, shares of Rowsley have been on a tear. Lim already owns the vacant tract of land that Rowsley is now buying in a 70:30 joint venture with the Crown Prince of Johor (Malaysia’s royal principality adjoining Iskandar). The deal helps him monetize the land and raise $428 million in Rowsley for construction of the waterfront township planned. His friend Albert Hong, Principal and largest shareholder at RSP would emerge as 12.21% owner of Rowsley without having to go through the lengthy and complex process of an Initial Public Offering (IPO). Besides, he gets a ready pipeline of projects outside Singapore.
Lim’s followers (yes, there’s an unofficial website tracking him: www.remisierking.blogspot.sg), investors, traders and speculators are gung ho on the RTO, too, for good reason:
First, it gives them a play in the region’s most vibrant property play, the Iskandar region. In the past two years, it’s been attracting the attentions of no less than Malaysia’s richest man Robert Kuok and Australian billionaire Lang Walker along with Singapore’s Temasak Holdings, all investing top dollar into Iskandar.
Second, if property is about location, location, location, the tract of land Rowsley is acquiring happens to be less than a mile from the Singapore-Malaysia causeway. It has a plot ratio higher than others nearby, allowing for a high intensity of land use. And it’s also close to the rail link that will join the two countries by 2018.
Third, Rowsley provides investors a low-risk option compared to a pure property play in Iskandar, especially given Malaysia’s flip-flop policies on foreign ownership of property, it’s relatively high crime rate and cyclical vagaries in the property rental market. Investors are also betting that he’ll bring the motorsports city and the medical hub he is building next door under Rowsley.
And last but not the least, the Rowsley takeover deal includes two free bonus warrants for every existing share at a pre-set exercise price of $0.14. With the fair value of the shares being placed at $0.53 to $0.67 by local bank OCBC, investors would make a more than 300% return on the investment even if they were to buy at Rowsley’s current price of $0.40. Lim, of course, would make a killing as he emerges with 38.73% of Rowsley–even before work begins on the project!
Now if that is not making money from thin air, what is?
Link:
http://www.forbes.com/sites/neerjajetley/2013/09/02/how-singapore-billionaire-peter-lim-makes-money-from-thin-air/
Friday, August 16, 2013
Peter Lim's investment firm gets nod for $545m in deals
Published on Aug 16, 2013
By Rachael Boon
BILLIONAIRE Peter Lim's investment company Rowsley has received regulatory approval for
two deals valued at up to $545 million that will launch its diversification into the real
estate business.
The Singapore-listed firm said yesterday that the Singapore Exchange (SGX) has given in-
principle approval for the proposed acquisition of RSP Architects Planners & Engineers
for up to $187 million and a 9.23ha plot of land in Iskandar, Johor, for up to $358
million.
The deals were signed in February.
Rowsley will pay architecture firm RSP by issuing up to 1.25 billion Rowsley shares at 15
cents a share.
It will also issue 2.4 billion shares to pay for the land in Iskandar.
The land is a part of Vantage Bay, which is owned by the eponymously named 70-30 joint
venture between Mr Lim and the Johor royal family.
In a related move, Rowsley will issue a free bonus of two warrants for every existing
share held by shareholders, which was also approved by SGX.
The company will have to hold an extraordinary general meeting to get shareholders'
approval for the two deals and the proposed bonus issue at a later date.
Rowsley's shares closed a cent lower at 42.5 cents yesterday.
rachaelb@sph.com.sg
By Rachael Boon
BILLIONAIRE Peter Lim's investment company Rowsley has received regulatory approval for
two deals valued at up to $545 million that will launch its diversification into the real
estate business.
The Singapore-listed firm said yesterday that the Singapore Exchange (SGX) has given in-
principle approval for the proposed acquisition of RSP Architects Planners & Engineers
for up to $187 million and a 9.23ha plot of land in Iskandar, Johor, for up to $358
million.
The deals were signed in February.
Rowsley will pay architecture firm RSP by issuing up to 1.25 billion Rowsley shares at 15
cents a share.
It will also issue 2.4 billion shares to pay for the land in Iskandar.
The land is a part of Vantage Bay, which is owned by the eponymously named 70-30 joint
venture between Mr Lim and the Johor royal family.
In a related move, Rowsley will issue a free bonus of two warrants for every existing
share held by shareholders, which was also approved by SGX.
The company will have to hold an extraordinary general meeting to get shareholders'
approval for the two deals and the proposed bonus issue at a later date.
Rowsley's shares closed a cent lower at 42.5 cents yesterday.
rachaelb@sph.com.sg
Monday, February 4, 2013
Rowsley inks deals to acquire RSP, land
Published February 04, 2013
ROWSLEY Ltd has sealed the two deals it needed to transform into a property player, a move that comes after it made known in December last year plans to acquire RSP Architects Planners & Engineers and a 9.23-hectare plot of land in Iskandar in Johor.
The investment company, controlled by billionaire Peter Lim, yesterday said that it has signed the sale and purchase agreements to acquire RSP in an all-share deal for $187 million. It will also acquire the Iskandar-located plot of land from Malaysia's Vantage Bay in an all-share deal for $358 million. Vantage Bay is majority-owned by Mr Lim.
To reward existing shareholders, Rowsley said that it will issue a free bonus of two warrants for every existing share held, once all the necessary shareholder and regulatory approvals for the deals are received. Each warrant will have an exercise price of 18 cents per share.
Under the deal, Rowsley will pay RSP by issuing up to 1.25 billion Rowsley shares at 15 cents a share. The maximum purchase price of $187 million works out to a price-to-earnings ratio of approximately 7.5 times, Rowsley said in a statement. This is based on the average annual profit after tax under earn-out targets from its financial years ending Dec 31, 2013, to 2015.
-BT
Saturday, December 22, 2012
Rowsley to become property play
by Conrad Raj
04:46 AM Dec 22, 2012
SINGAPORE - Investment holding company Rowsley Ltd, which is controlled by former "Remisier King" Peter Lim, plans to transform itself into a property play in a S$581-million deal which will also see leading architectural firm RSP Architects Planners & Engineers absorbed into the company and getting a backdoor listing.
The term sheets of the all-share deal are non-binding and subject to due diligence and further definitive agreements but the plan is for Rowsley to acquire RSP from its head Albert Hong and four of his partners for S$223 million through the issue of Rowsley shares at 15 cents each.
Mr Hong has been trying to get 56-year-old RSP listed since 1995 but was told then by the Singapore Exchange that it was not ready to accept services companies.
However, the government has recently given permission for architectural firms to be listed. "We decided to do a listing through Rowsley rather than go on our own as we would then be part of a bigger entity," Mr Hong explained.
"Through Rowsley, RSP will have a strong pipeline of design and engineering projects, further strengthening our regional practice which is already one of the biggest in Asia. If the deal goes through, RSP will continue to be run by its existing management."
At the same time, Rowsley has agreed to buy for S$358 million worth of its shares 9.23 hectares of land in Johor's Iskandar project from Vantage Bay Sdn Bhd, which is 70 per cent owned by Mr Lim and Johor Crown Prince Ismail Idris, who holds the remaining 30 per cent.
The site will be transformed into a S$3 billion mixed use development comprising apartments, malls, convention centres and offices.
Mr Lim, who is also investing in a hospital to be run by Thomson Medical in an adjoining two-hectare site and a RM3.5 billion (S$1.4 billion) race track in Iskandar, is expected to continue to be Rowsley's biggest single shareholder with about a 40 per cent stake.
If the deal goes through, and this could take up to six months, Rowsley proposes a bonus issue of two free warrants for every existing share at an exercise price of 18 cents per share, which could raise up to S$356 million.
04:46 AM Dec 22, 2012
SINGAPORE - Investment holding company Rowsley Ltd, which is controlled by former "Remisier King" Peter Lim, plans to transform itself into a property play in a S$581-million deal which will also see leading architectural firm RSP Architects Planners & Engineers absorbed into the company and getting a backdoor listing.
The term sheets of the all-share deal are non-binding and subject to due diligence and further definitive agreements but the plan is for Rowsley to acquire RSP from its head Albert Hong and four of his partners for S$223 million through the issue of Rowsley shares at 15 cents each.
Mr Hong has been trying to get 56-year-old RSP listed since 1995 but was told then by the Singapore Exchange that it was not ready to accept services companies.
However, the government has recently given permission for architectural firms to be listed. "We decided to do a listing through Rowsley rather than go on our own as we would then be part of a bigger entity," Mr Hong explained.
"Through Rowsley, RSP will have a strong pipeline of design and engineering projects, further strengthening our regional practice which is already one of the biggest in Asia. If the deal goes through, RSP will continue to be run by its existing management."
At the same time, Rowsley has agreed to buy for S$358 million worth of its shares 9.23 hectares of land in Johor's Iskandar project from Vantage Bay Sdn Bhd, which is 70 per cent owned by Mr Lim and Johor Crown Prince Ismail Idris, who holds the remaining 30 per cent.
The site will be transformed into a S$3 billion mixed use development comprising apartments, malls, convention centres and offices.
Mr Lim, who is also investing in a hospital to be run by Thomson Medical in an adjoining two-hectare site and a RM3.5 billion (S$1.4 billion) race track in Iskandar, is expected to continue to be Rowsley's biggest single shareholder with about a 40 per cent stake.
If the deal goes through, and this could take up to six months, Rowsley proposes a bonus issue of two free warrants for every existing share at an exercise price of 18 cents per share, which could raise up to S$356 million.
Monday, August 27, 2007
Likely delay in $2.7b Rowsley energy deal
Lee Su Shyan, Assistant Money Editor
Mon, Aug 27, 2007
The Straits Times
A $2.7 BILLION mega deal unveiled by investment holding company Rowsley in May, which left many investors unconvinced, looks to have hit a snag.
Earlier in May, mainboard-listed Rowsley said it would issue 18 billion new shares at 15 cents each in return for taking over Perfect Field, a Jilin-based company that makes solar energy panels.
The value of the shares gave Rowsley an estimated $2.7 billion in market capitalisation, making it the largest reverse takeover in Singapore's corporate history.
Other than the size of the deal, what also made news was that former remisier king Peter Lim, a substantial shareholder of Rowsley, said he would put up $150 million to subscribe to new shares of Rowsley.
Yesterday in a statement, Rowsley chief executive officer Koh Kim Huat said the company 'is currently conducting due diligence on the target group'.
'Based on information made available to it up to the date here of, the company notes that there has been a delay on the part of the target group in meeting certain expected production capacity milestones,' he said.
It is not clear what these 'milestones' are, but Rowsley mentioned earlier in May several conditions that needed to be fulfilled before the deal could go through.
Mr Koh had said one of these conditions was for Perfect Field's solar energy facility to produce 100 megawatts by October.
Before the deal is closed, Perfect Field must also demonstrate that it has three months of firm orders for its products.
Another condition is that for the financial year ended June 30 this year, Perfect Field must turn in profits of 70 million yuan (S$14.1 million).
What stoked investors' scepticism was Perfect Field's promise of a massive profit guarantee of $300 million for each of the three financial years up to June 30, 2010.
Now, it looks as if investors will be able to be updated only at the end of next month.
Mr Koh said Rowsley 'is further investigating the delay to assess its impact on the acquisition'.
He added that 'the company expects to update shareholders on the status through an announcement by end-September'.
Last month, shares of Rowsley surged to a high of 38.5 cents, but they have since sagged. Last Friday, the counter had weakened to 23 cents.
sushyan@sph.com.sg
Still hanging
ROWSLEY, under Mr Koh (left), has listed several conditions that need to be fulfilled before the deal can go through.
The investment firm expects Perfect Field's solar energy facility to produce 100 megawatts by around October.
Perfect Field must also demonstrate that it has three months of firm orders.
Another condition is that for the financial year ended June 30 this year, Perfect Field must turn in profits of 70 million yuan (S$14.1 million).
Mon, Aug 27, 2007
The Straits Times
A $2.7 BILLION mega deal unveiled by investment holding company Rowsley in May, which left many investors unconvinced, looks to have hit a snag.
Earlier in May, mainboard-listed Rowsley said it would issue 18 billion new shares at 15 cents each in return for taking over Perfect Field, a Jilin-based company that makes solar energy panels.
The value of the shares gave Rowsley an estimated $2.7 billion in market capitalisation, making it the largest reverse takeover in Singapore's corporate history.
Other than the size of the deal, what also made news was that former remisier king Peter Lim, a substantial shareholder of Rowsley, said he would put up $150 million to subscribe to new shares of Rowsley.
Yesterday in a statement, Rowsley chief executive officer Koh Kim Huat said the company 'is currently conducting due diligence on the target group'.
'Based on information made available to it up to the date here of, the company notes that there has been a delay on the part of the target group in meeting certain expected production capacity milestones,' he said.
It is not clear what these 'milestones' are, but Rowsley mentioned earlier in May several conditions that needed to be fulfilled before the deal could go through.
Mr Koh had said one of these conditions was for Perfect Field's solar energy facility to produce 100 megawatts by October.
Before the deal is closed, Perfect Field must also demonstrate that it has three months of firm orders for its products.
Another condition is that for the financial year ended June 30 this year, Perfect Field must turn in profits of 70 million yuan (S$14.1 million).
What stoked investors' scepticism was Perfect Field's promise of a massive profit guarantee of $300 million for each of the three financial years up to June 30, 2010.
Now, it looks as if investors will be able to be updated only at the end of next month.
Mr Koh said Rowsley 'is further investigating the delay to assess its impact on the acquisition'.
He added that 'the company expects to update shareholders on the status through an announcement by end-September'.
Last month, shares of Rowsley surged to a high of 38.5 cents, but they have since sagged. Last Friday, the counter had weakened to 23 cents.
sushyan@sph.com.sg
Still hanging
ROWSLEY, under Mr Koh (left), has listed several conditions that need to be fulfilled before the deal can go through.
The investment firm expects Perfect Field's solar energy facility to produce 100 megawatts by around October.
Perfect Field must also demonstrate that it has three months of firm orders.
Another condition is that for the financial year ended June 30 this year, Perfect Field must turn in profits of 70 million yuan (S$14.1 million).
Monday, July 16, 2007
ST: Ex-remisier king Peter Lim back in the spotlight with Rowsley deal
Ex-remisier king Peter Lim back in the spotlight with Rowsley deal
Lee Su Shyan, Assistant Money Editor
Mon, Jul 16, 2007
The Straits Times
HE HAS been known as the remisier king for years, but given his new-found zest for solar energy, perhaps Sun King ought to be Peter Lim's new title.
But that might not work either, given the vast fortune he has squeezed out of palm oil.
There is one thing you can bank on: Mr Lim is not getting his head turned by come-hither looks from the hot property sector; stocks are still his thing.
'I'm an equity person,' he told The Straits Times. 'With equities, you don't know how the story will end. But when the market turns, you can sell your shares and get out in three days. You don't need to know the buyer.'
Try that with bricks and mortar: 'With a house, you put it on the market, buyers come and criticise it, pay you a deposit, and three months later, don't even settle.'
While he counts some of the country's top property players among his friends, real estate development is just a matter of 'timing', he insists; the rest is up to architects and engineers.
Mr Lim, 54, is back in the spotlight following his bid to use Rowsley to swallow a huge China solar power firm, but he will always be remembered in financial circles as the guy who made as much as $100 million in just six years as a remisier.
His clients included then Indonesian president Suharto's son, Bambang, and then Malaysian prime minister Mahathir Mohamad's son, Mokhzani.
Mr Lim called it quits in 1996 at the height of the bull run and retired from Kay Hian James Capel amid a messy divorce from his wife.
He is still retired - sort of. Deals still hold an allure for him, like the one involving his mainboard-listed Rowsley, which has a market capitalisation of around $145 million.
The company announced in May that it was going to gobble up the business of a solar cell manufacturer, China-based Perfect Field, for $2.7 billion - a deal that would be Singapore's largest-ever reverse takeover and one that has left some investors sceptical.
He is enthusiastic about the solar energy sector. 'There is no doubt there is global warming. Our island is going to disappear.'
'China has been criticised as being the world's biggest polluter. This sector can grow very fast. Look at Nasdaq: Companies in that sector are trading at 40 or 50 times earnings. Whoever is the first mover will have the advantage.'
Whether the Rowsley deal will score remains to be seen, but Mr Lim will have few worries, given his stellar investments.
One, a stake in fashion retailer FJ Benjamin, has grown from about $13 million to $60 million over five years.
But that is small change compared with the stake he took in 1991 in a firm founded by sugar king Robert Kuok's nephew Kuok Khoon Hong that eventually grew into palm oil giant Wilmar International.
Wilmar, which listed here last year, has a market value of $22.1 billion, making Mr Lim's stake of just under 5 per cent worth about $1 billion.
He admits that his vast return on an investment that was only in the region of US$10 million (S$15.1 million) is like 'a fairytale'.
'I can't say I invested in the right company, because at that time, there was only a vision. The potential palm oil plantations were just swamplands,' he said.
'It was at the Equatorial Hotel. I spent a few hours with (the younger) Mr Kuok. This man made me feel very inadequate. He had a vision, and could explain, step by step, how to attain this vision.'
But that 'quality face time' is in a nutshell how Mr Lim decides on all his investments.
'I must see his face. The person should be master of his trade, and should be honest.'
Lee Su Shyan, Assistant Money Editor
Mon, Jul 16, 2007
The Straits Times
HE HAS been known as the remisier king for years, but given his new-found zest for solar energy, perhaps Sun King ought to be Peter Lim's new title.
But that might not work either, given the vast fortune he has squeezed out of palm oil.
There is one thing you can bank on: Mr Lim is not getting his head turned by come-hither looks from the hot property sector; stocks are still his thing.
'I'm an equity person,' he told The Straits Times. 'With equities, you don't know how the story will end. But when the market turns, you can sell your shares and get out in three days. You don't need to know the buyer.'
Try that with bricks and mortar: 'With a house, you put it on the market, buyers come and criticise it, pay you a deposit, and three months later, don't even settle.'
While he counts some of the country's top property players among his friends, real estate development is just a matter of 'timing', he insists; the rest is up to architects and engineers.
Mr Lim, 54, is back in the spotlight following his bid to use Rowsley to swallow a huge China solar power firm, but he will always be remembered in financial circles as the guy who made as much as $100 million in just six years as a remisier.
His clients included then Indonesian president Suharto's son, Bambang, and then Malaysian prime minister Mahathir Mohamad's son, Mokhzani.
Mr Lim called it quits in 1996 at the height of the bull run and retired from Kay Hian James Capel amid a messy divorce from his wife.
He is still retired - sort of. Deals still hold an allure for him, like the one involving his mainboard-listed Rowsley, which has a market capitalisation of around $145 million.
The company announced in May that it was going to gobble up the business of a solar cell manufacturer, China-based Perfect Field, for $2.7 billion - a deal that would be Singapore's largest-ever reverse takeover and one that has left some investors sceptical.
He is enthusiastic about the solar energy sector. 'There is no doubt there is global warming. Our island is going to disappear.'
'China has been criticised as being the world's biggest polluter. This sector can grow very fast. Look at Nasdaq: Companies in that sector are trading at 40 or 50 times earnings. Whoever is the first mover will have the advantage.'
Whether the Rowsley deal will score remains to be seen, but Mr Lim will have few worries, given his stellar investments.
One, a stake in fashion retailer FJ Benjamin, has grown from about $13 million to $60 million over five years.
But that is small change compared with the stake he took in 1991 in a firm founded by sugar king Robert Kuok's nephew Kuok Khoon Hong that eventually grew into palm oil giant Wilmar International.
Wilmar, which listed here last year, has a market value of $22.1 billion, making Mr Lim's stake of just under 5 per cent worth about $1 billion.
He admits that his vast return on an investment that was only in the region of US$10 million (S$15.1 million) is like 'a fairytale'.
'I can't say I invested in the right company, because at that time, there was only a vision. The potential palm oil plantations were just swamplands,' he said.
'It was at the Equatorial Hotel. I spent a few hours with (the younger) Mr Kuok. This man made me feel very inadequate. He had a vision, and could explain, step by step, how to attain this vision.'
But that 'quality face time' is in a nutshell how Mr Lim decides on all his investments.
'I must see his face. The person should be master of his trade, and should be honest.'
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