Published on May 18, 2014
Straits Times
Billionaire Peter Lim is the new owner of Spanish side Valencia. Here are some facts about the media-shy Singaporean and the La Liga club.
Five things you should know about Peter Lim
1. In 1991, Mr Lim made his fortune when he invested US$10 million (S$12.51 million) in Wilmar International, then a start-up palm oil company owned by tycoon Kuok Khoon Hong, a former client and friend of Mr Lim’s – and the nephew of Malaysian businessman Robert Kuok (he now lives in Hong Kong), one of Asia’s best-known billionaires. Mr Lim’s five per cent stake in Wilmar was worth US$1.4 billion in March according to Forbes.
2. He put himself through the University of Western Australia, in Perth, by working as a taxi driver, cook and waiter, among other odd jobs, and graduated with a degree in finance and accounting.
3.Nicknamed the “remisier king", Mr Lim was ranked by Forbes to be the 10th richest man in Singapore last year with a fortune of US$2.05 billion.
4. Married to former actress Cherie Lim, Mr Lim is a Manchester United fan, owning several Manchester United themed bars across Asia. He tried to buy Liverpool for £300 million (S$631.20 billion) in 2010 but his offer was rejected.
5. Home to Valencia's new owner is the entire 11 storeys of the Abelia condominium, located near Orchard Road. Mr Lim is also said to own 25 Ferrari cars.
Five things you should know about Valencia football club
1. Up until Mr Lim acquired the club, Valencia was the only club outside the duo of Real Madrid and Barcelona to have won the Spanish La Liga since 2001. Former Liverpool manager Rafa Benitez led Valencia to the league title in 2002 and 2004. However, Atletico Madrid on Saturday claimed its first La Liga title in 18 years by drawing 1-1 with title rivals Barcelona.
2. Due to the financial crisis, work on Valencia's new stadium – the 61,500 Nou Mestalla – stopped in 2009. The stadium has remained untouched since.
3. To stay afloat, the club had to sell key players like David Villa, David Silva, Jordi Alba, Roberto Soldado and Juan Mata - All Spanish internationals.
4. Valencia have only spent four years outside of the top flight during their 92 history. Most recently they spent a year in the second division in the 1986-87 season.
5. They are the third most successful club in Spain, with six La Liga titles and seven Spanish Copa del Rey victories. No prizes guessing who the two most successful are.
Sunday, May 18, 2014
Saturday, May 17, 2014
Singapore businessman Peter Lim buys Valencia
Published on May 17, 2014
Fans of Valencian Football Club can finally see an end to months of uncertainty: Peter Lim
BARCELONA – Singapore businessman Peter Lim is the new owner of debt-ridden Valencia after buying 70.4 per cent of the shares owned by the club’s foundation, the La Liga side said today (May 17).
The Valencia Foundation’s patrons voted for Lim’s proposal ahead of other offers from international consortiums offering large cash injections.
Confirming that Lim has completed the takeover, a club spokesman said that the next task for the new owner will be to agree a deal with creditors Bankia, who are owed €220 million (S$377 million). The club’s total debt is around €360 million.
Lim said in a statement: “I am very glad to have been selected the winning bidder after a rigorous selection process. Fans of Valencian Football Club can finally see an end to months of uncertainty."
Lim was the choice of club president Amadeo Salvador who felt that his offer was best suited to turning around the fortunes of the club which failed to qualify for next season’s Champions League and were knocked out of the Europa League earlier this month by eventual winners Sevilla in the semi-finals.
Said Lim: "Today’s voting which overwhelmingly supported my bid demonstrates a firm commitment from the stakeholders of the process, namely Bankia, Valencia CF, Foundation of Valencia CF and Instituto Valenciano de Finanzas.
“Under the process, the winner is the bidder with the best sporting, financial and social solutions. I’m pleased that we have won on these three criteria and I'll like to thank the Board of Trustees, the Valencian fans and the city for their strong support over the past few months."
Valencia are 10th in the 20-team La Liga standings. AGENCIES
Fans of Valencian Football Club can finally see an end to months of uncertainty: Peter Lim
BARCELONA – Singapore businessman Peter Lim is the new owner of debt-ridden Valencia after buying 70.4 per cent of the shares owned by the club’s foundation, the La Liga side said today (May 17).
The Valencia Foundation’s patrons voted for Lim’s proposal ahead of other offers from international consortiums offering large cash injections.
Confirming that Lim has completed the takeover, a club spokesman said that the next task for the new owner will be to agree a deal with creditors Bankia, who are owed €220 million (S$377 million). The club’s total debt is around €360 million.
Lim said in a statement: “I am very glad to have been selected the winning bidder after a rigorous selection process. Fans of Valencian Football Club can finally see an end to months of uncertainty."
Lim was the choice of club president Amadeo Salvador who felt that his offer was best suited to turning around the fortunes of the club which failed to qualify for next season’s Champions League and were knocked out of the Europa League earlier this month by eventual winners Sevilla in the semi-finals.
Said Lim: "Today’s voting which overwhelmingly supported my bid demonstrates a firm commitment from the stakeholders of the process, namely Bankia, Valencia CF, Foundation of Valencia CF and Instituto Valenciano de Finanzas.
“Under the process, the winner is the bidder with the best sporting, financial and social solutions. I’m pleased that we have won on these three criteria and I'll like to thank the Board of Trustees, the Valencian fans and the city for their strong support over the past few months."
Valencia are 10th in the 20-team La Liga standings. AGENCIES
Saturday, March 15, 2014
Peter Lim enters new Johor security venture
Published on Mar 15, 2014
Billionaire investor, Johor prince sign MOU to offer services in Iskandar
By Audrey Kang
SINGAPORE billionaire investor Peter Lim is stepping up his aggressive push into Iskandar Malaysia with a new agreement to set up a security business.
A security company owned by Mr Lim is joining hands with a Johor prince to offer security services in the rapidly emerging growth corridor.
Mr Lim is one of the largest investors in the Iskandar region over the past two years. He and the Johor royal family are substantial shareholders in Rowsley, which is working on a RM10 billion (S$3.9 billion) development in the Johor Baru city centre.
The Soverus Group, which is 95 per cent owned by Mr Lim, signed a memorandum of understanding with Tunku Abdul Rahman, son of the Sultan of Johor, yesterday. Its chief executive officer, Mr Paul Lim, said: "The security business in all countries is highly regulated. This MOU signifies and cements our belief in the growing market in Iskandar and the rest of Malaysia."
Working with the prince will be hugely beneficial, he added, given his detailed knowledge of the area.
Tunku Abdul Rahman said: "I am very impressed with how Soverus has grown so rapidly within the last four years, from a start-up to a major provider of security services with over 600 staff.
"I look forward to working with Soverus and its manage-ment team to build a credible and imitable full-service security firm in Johor."
One key reason for the MOU is the rising demand for premium security services in Iskandar, owing to the growing affluence of Johor residents, said Mr Paul Lim.
Although the company has yet to execute any plans for its expansion in Iskandar, he said potential clients are already seeking its security services.
Soverus previously focused on providing only guarding services, but has expanded into a wider range of solutions, including private investigations, cyber security and IT forensics.
Three-quarters of its operations in Iskandar will be guarding services, while the remaining 25 per cent will be focused on mostly security technology and security consultancy.
Mr Paul Lim said: "Our mid-term plan is to set up a sizeable infrastructure with proper armoury and full-fledged training facilities."
Officers from Singapore and Malaysia will be able to train with their counterparts in both countries, in order to provide quality guards, he added.
audkang@sph.com.sg
Billionaire investor, Johor prince sign MOU to offer services in Iskandar
By Audrey Kang
SINGAPORE billionaire investor Peter Lim is stepping up his aggressive push into Iskandar Malaysia with a new agreement to set up a security business.
A security company owned by Mr Lim is joining hands with a Johor prince to offer security services in the rapidly emerging growth corridor.
Mr Lim is one of the largest investors in the Iskandar region over the past two years. He and the Johor royal family are substantial shareholders in Rowsley, which is working on a RM10 billion (S$3.9 billion) development in the Johor Baru city centre.
The Soverus Group, which is 95 per cent owned by Mr Lim, signed a memorandum of understanding with Tunku Abdul Rahman, son of the Sultan of Johor, yesterday. Its chief executive officer, Mr Paul Lim, said: "The security business in all countries is highly regulated. This MOU signifies and cements our belief in the growing market in Iskandar and the rest of Malaysia."
Working with the prince will be hugely beneficial, he added, given his detailed knowledge of the area.
Tunku Abdul Rahman said: "I am very impressed with how Soverus has grown so rapidly within the last four years, from a start-up to a major provider of security services with over 600 staff.
"I look forward to working with Soverus and its manage-ment team to build a credible and imitable full-service security firm in Johor."
One key reason for the MOU is the rising demand for premium security services in Iskandar, owing to the growing affluence of Johor residents, said Mr Paul Lim.
Although the company has yet to execute any plans for its expansion in Iskandar, he said potential clients are already seeking its security services.
Soverus previously focused on providing only guarding services, but has expanded into a wider range of solutions, including private investigations, cyber security and IT forensics.
Three-quarters of its operations in Iskandar will be guarding services, while the remaining 25 per cent will be focused on mostly security technology and security consultancy.
Mr Paul Lim said: "Our mid-term plan is to set up a sizeable infrastructure with proper armoury and full-fledged training facilities."
Officers from Singapore and Malaysia will be able to train with their counterparts in both countries, in order to provide quality guards, he added.
audkang@sph.com.sg
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.
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