Wednesday, November 19, 2014

CitySpring & KIT最后的答案

停止交易了三天,昨天CitySpring和Keppel Infrastructure Trust (KIT) 终于公布将会合并,成为拥有总资产40亿的基金。

这合并会为股东带来什么?KIT的股东将会以每单位KIT的股换成2.106单位的CitySpring的股分。至于CitySpring的股东们,会有什么变化呢?来临的这几天应该就知道股价会有什么变化了。

对我来说,短期内的股价波动(不管上还是下),对我来说不重要。我看重一点是,CitySpring将成为全新加坡最大最综合的公共设施基金 (Infrastructure Trust)。

成为最大又怎样?
话说回来,身为投资者,想要的不就是能够成为有前途、有未来的大公司嘛。当然,这不是重点。终点在于,公共设施都会带来固定的收入。目前,CitySpring经过旗下几家公司提供了煤气供应服务(CityGas)、光纤宽频设备(CityNet)、还有未来两年将建好的Data Center(CityDC)。

与KIT合并了后,CitySpring旗下将增加多几项业务,包过排污设施、能源设施、还有净水设备。这代表了什么?简单就是说,CitySpring会有更多的收入,资产也增加了。

资产增加,股价会上吗?
资产增加了,那不就是说,股价应该也会上?这就要深入去看合并的内容。

CitySpring将会发出13亿的新股给所有KIT的股东们。这13亿的新股将会把新的资产平均化。所以,照理来讲,是不会有影响。但是,股价是依市场的决定而变动。如果这项合并对公司前景是好的话,当然股价会因好消息而上涨咯。

这合并还有很多的条例,我会在深入研究。

Singapore's CitySpring to merge with Keppel Infrastructure Trust

(Nov 18, 2014) - [SINGAPORE] Singapore's CitySpring Infrastructure Trust has agreed to buy the assets and businesses of Keppel Infrastructure Trust (KIT) to create a trust with total assets of over S$4 billion (US$3 billion).
 The two firms said on Tuesday that CIT would issue 1.3 billion new units as part of the deal to create the largest Singapore infrastructure-focused business trust. Each KIT unitholder will receive 2.106 new CIT units in exchange for every KIT unit held.
 As part of the agreement, KIT has also agreed to buy a 51 per cent stake in Keppel Merlimau Cogen, a power plant owner, for S$510 million in cash. It said it will undertake an equity fund raising of up to S$525 million to pay for the deal.
 Singaporean industrial conglomerate Keppel Corp, in which state investor Temasek Holdings owns a 20.4 per cent stake, holds 49.2 per cent of Keppel Infrastructure. KIT owns two waste-treatment plants and a water-treatment plant.
Temasek also holds 37.4 per cent of CIT, which owns Singapore's sole producer and retailer of piped gas and a desalination plant among other assets.
Keppel and Temasek will remain the two largest unitholders in the combined trust if the deal goes ahead. The pair will abstain from voting on the transaction.
 Stocks of both Keppel Infrastructure Trust and CitySpring Infrastructure Trust have been on trading halts since Friday.
The deals are expected to be completed in the second quarter of 2015.
http://www.businesstimes.com.sg/companies-markets/singapores-cityspring-to-merge-with-keppel-infrastructure-trust

No comments:

Post a Comment