Serious DBS, whacked by Swiber and Ezra, sells PwC building for $747 million, jialat!

http://www.todayonline.com/business/dbs-sells-pwc-building-s747-million-deal

Published: 6:55 PM, February 10, 2017

Updated: 6:58 PM, February 10, 2017

SINGAPORE - DBS Group Holdings said on Friday (Feb 10) it has agreed to sell PwC Building at Cross Street to an indirect subsidiary of Manulife Financial Corp in a deal that values the 28-storey office tower at S$747 million.

The deal is done through the sale of its entire equity interest in DBS China Square, which owns PwC Building that was constructed in 1999, for about S$358 million in cash. It takes into account the repayment by the purchaser of the shareholder’s loan of S$402.6 million to DBS China Square. The price is subject to certain post-completion adjustments which are not expected to be material, DBS Group Holdings said.

The deal is expected to be completed by the end of March. Upon completion, the sale is expected to contribute approximately S$350 million to the consolidated net tangible assets as well as earnings of DBS Group Holdings, the banking giant said.

Ezra liquidation to hit DBS the hardest

The bank's exposure to the beleaguered group is around $637m.

As Ezra is foreseen to face liquidation, CIMB expects DBS to be hit the hardest, as the bank's exposure to the group is estimated to be $637m.

Ezra has called for a trading halt at the start of the month pending the release of an announcement. CIMB said this could be related to the results of its discussions with lenders and other stakeholders regarding its financial position, which could result in the group, its JV or subsidiaries’ liquidation in the worst case scenario.

"As of 31 Aug 2016, the group had US$989m of term loans and bills payable to banks, including US$568m from 75.46%-owned EMAS Offshore Limited and US$150m from 60.9%-owned Triyards Holdings Limited," CIMB explained.

The firm pointed out that DBS has the largest exposure to the Ezra group of companies at $637m, followed by OCBC at $300m and UOB at $166m. DBS's exposure is due to its lending to EMAS Chiyoda Subsea, given that it was the co-lead arranger for the loan facility for EMAS Chiyoda’s main vessel, the Lewek Constellation.

"Should the entire Ezra group go into liquidation, the banks will have to recognise their exposures as NPLs and make adequate provisions for the unrecoverable amounts," CIMB stated.

It furthered, "Based on 40-80% write-down in book value of fixed assets across the group, we estimate DBS will have to make specific provisions (SPs) of 8-16bp, OCBC: 9-12bp and UOB: 6-7bp. This assumes no SPs have been taken yet and will impact DBS’s FY17F net profit by 6-12%, OCBC: 5-8%, and UOB: 4-5%."

- See more at: http://sbr.com.sg/financial-services/news/ezra-liquidation-hit-dbs-hardest#sthash.Yt15mNTW.dpuf

Only when whorejinx resort to sell backside to recover their personal losses then consider jialat, otherwise u die yr biz, suck bonus until die then sell it to swaiziland as their national bsnk let them enjoy swiss standard of debt

Looks like the CEO and the entire management will get their year end bonus after all. Leaves a bad taste in the mouth.

scroobal said:

Looks like the CEO and the entire management will get their year end bonus after all. Leaves a bad taste in the mouth.

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If the mr lee fella now in his 70s who founded Ezra in 1988 was a taxi driver then i really worried.

Cant remember anywhere in the world a ex cabby raising more than a billion bucks from banks.

scroobal said:

Looks like the CEO and the entire management will get their year end bonus after all. Leaves a bad taste in the mouth.

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The voters of Singapore, enjoys having bad taste in their mouth...for they are hard of hearing, myopic in sight, dense in the brains & have no taste in their tongues...no complaining....the CEO & the management staff...are in good company.

CoffeeAhSoh said:

If the mr lee fella now in his 70s who founded Ezra in 1988 was a taxi driver then i really worried.

Cant remember anywhere in the world a ex cabby raising more than a billion bucks from banks.

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Peter Lim?

frenchbriefs said:

Peter Lim?

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Peter Lim worked part-time as a taxi driver ( maybe "bar huang chia" pirate taxi)...a cook & a waiter lah!..back then...there were no " GRAB" & "UBER"...in the future, you will read an ex-Uber driver raised millions & founded a company...." a rose, is a rose, by any other name".

halsey02 said:

Peter Lim worked part-time as a taxi driver ( maybe "bar huang chia" pirate taxi)...a cook & a waiter lah!..back then...there were no " GRAB" & "UBER"...in the future, you will read an ex-Uber driver raised millions & founded a company...." a rose, is a rose, by any other name".

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i think outside of SIngapore,people are not really classified or genealogised by their qualifications or career or past history......i remember watching dragons den canada,one of the "dragons" was a policeman for thirteen years,before he finally left the force and ventured into fnb,today he owns Boston Pizza with more than 300 stores and a market cap of 470 million,another one of the dragons was a stay at home mom with 4 kids.i like her character best along with the old policeman.

[video=youtube;avC_E5jLBXM]https://www.youtube.com/watch?v=avC_E5jLBXM[/video]

CoffeeAhSoh said:

... Cant remember anywhere in the world a ex cabby raising more than a billion bucks from banks.

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if skolar, can? ...

sinkielan skolar big deal 1, hor! ...

All these foreigners in top management (including CEO) in DBS-have they done a better job than locals of the past?

All I hear about DBS is moving things to India-is this a KPI?

EnBloc said:

http://www.todayonline.com/business/dbs-sells-pwc-building-s747-million-deal

Published: 6:55 PM, February 10, 2017

Updated: 6:58 PM, February 10, 2017

SINGAPORE - DBS Group Holdings said on Friday (Feb 10) it has agreed to sell PwC Building at Cross Street to an indirect subsidiary of Manulife Financial Corp in a deal that values the 28-storey office tower at S$747 million.

The deal is done through the sale of its entire equity interest in DBS China Square, which owns PwC Building that was constructed in 1999, for about S$358 million in cash. It takes into account the repayment by the purchaser of the shareholder’s loan of S$402.6 million to DBS China Square. The price is subject to certain post-completion adjustments which are not expected to be material, DBS Group Holdings said.

The deal is expected to be completed by the end of March. Upon completion, the sale is expected to contribute approximately S$350 million to the consolidated net tangible assets as well as earnings of DBS Group Holdings, the banking giant said.

Click to expand...

ftrash Piysh Gupta still drawing full salary n bonuses?? plus stealing jobs to be given to India his mother land
& f