Daily Briefing: KKR mulls $700m sale of Singapore's MMI; HRnetGroup invests in job matcher Glints

And here are two REITs with recent up-and-down performances.

From Bloomberg Finance:

KKR & Co. is in advanced talks to sell Singapore’s MMI Holdings Ltd. to a Chinese investor group, people with knowledge of the matter said, as it pursues an exit more than a decade after buying the hard-drive component maker.

KKR is negotiating a sale of MMI, the oldest Asian investment listed in its portfolio, to a private equity fund affiliated with Beijing HBH Innovation Industry Fund, according to the people. A deal could value the company at around $700m, including about $400m of debt, the people said.

An agreement could be reached as soon as next month, one of the people said, asking not to be identified because the information is private.

Read more here.

From Deal Street Asia:

Singapore-listed recruitment firm HRnetGroup has picked up a strategic stake in talent-matching platform Glints for $500,000 (US$378,470), it said in a stock exchange disclosure.

The acquisition, done through subsidiary HRnet One, will help HRnetGroup stay ahead in the competitive digital HR space, the disclosure added. In turn, Glints will be able to benefit from HRnetGroup’s successful operational experience across 10 Asian cities.

HRnetGroup will use funds from its IPO proceeds of $174m (US$131.7m) for the acquisition; HRnetGroup listed on the SGX Mainboard in June last year. The payment, the company said, is not expected to have any material impact on its consolidated net tangible assets or earnings per share for the current financial year.

Read more here.

From The Motley Fool:

Suntec Real Estate Investment Trust (SGX: T82U) reported its fourth quarter earnings in late last month.

As a quick introduction, Suntec REIT is one of the largest REITs in Singapore and currently has interests in retail malls and offices in Singapore and Australia. Its portfolio includes Suntec City, One Raffles Quay, and a commercial building in Sydney, just to name a few.

Gross revenue and net property income (NPI) for the quarter were down by 1.8% and 2.2% year on year, respectively. Yet, distribution per unit (DPU) was up by 0.3% compared to a year ago. DPU was boosted by capital distribution.

Read more here.

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