Australia-listed Cromwell Property Group said yesterday that it has received the go-ahead from the Singapore Exchange to lodge a prospectus for the initial public offering of the Cromwell European Real Estate Investment Trust.

If all goes according to plan, the prospectus will be lodged early next month and the IPO will follow at the end of the month.

The SGX has issued its Eligibility-To-List for the proposed IPO.

The estimated offering is about 1 billion euros (Bt39 billion).

As reported by The Straits Times, this REIT would comprise European properties with a focus on Europe’s smaller cities. – The StraitsTimes

Crude palm oil exports increase 25% in first half

Exports of crude palm oil and its derivative products increased by 25 per cent to 16.6 million tonnes despite sober demand amid competition against a rapeseed and soybean oil global glut in the first six months, Indonesian Palm Oil Producers Association data show.

Palm oil production increased 18.6 per cent to 18.5 million tonnes in the first half, with stocks of 2.3 million tonnes as of June.

This includes an adjusted figure of 1.5 million tonnes obtained from a field survey.

The CPO price in the same period ranged from US$650 (Bt21,700 billion) and $827.5 per tonne, with a high start at $805.7 per ton in January, before softening due to slowing global demand amid other vegetable oil gluts.

“A global glut of rapeseed and soybean oil has made prices drop, consequently making palm oil — which is not a main vegetable oil source in Europe, America and China — less competitive, and its export slowed in June,” GAPKI executive director Fadhil Hasan said in a statement released on Wednesday along with the data.

Aggregately, in the first six months, CPO and its derivatives’ exports to main markets were all up except to Pakistan, where sales declined by 5 per cent to 1.05 million tonnes due to competition with Malaysia. – The Jakarta Post

Landbank acquisition of Postbank awaits Duterte

Landbank president Alex V. Buenaventura told the Philippine Daily Inquirer Thursday that the Governance Commission for Government-Owned or Controlled Corporations (GCG) last Tuesday had approved the purchase agreement between the state-run lender and Postbank.

“The GCG recommended the issuance of an executive order by President Duterte on the 100-per cent transfer of shares of Philippine Postal Corp. and the Bureau of the Treasury to Landbank,” said Budget Secretary Benjamin E. Diokno, an ex-officio member of the GCG.

The GCG also approved the conversion of Postbank to Overseas Filipino Bank after obtaining the approval of the Bangko Sentral ng Pilipinas, Diokno added.

Last week, Buenaventura said Landbank was aiming for a 25-per cent share of the remittance business by 2022 as it planned to open the first so-called Overseas Filipino Bank in Dubai next year.

Once the acquisition is approved by President Duterte, Landbank will infuse 1 billion peso in fresh capitalisation to Postbank and convert it to the Overseas Filipino Bank, he said. – Philippine Daily Inquirer

Village achieves financial independence

Amid rampant reports of alleged corruption involving the Village Fund, Ponggok in Klaten, Central Java, Indonesia, is an example of a financially independent village, even before it was slated to receive funds from the government program aimed at improving the welfare of Indonesia’s rural residents.

Ponggok, with a total population of 2,300 people, has its own village-owned enterprise (BUMDes) that earned a net income of 10.3 billion rupiah (US$771,478) last year from various businesses, including tourism.

Village head Junaedi Mulyono said Ponggok used its share of the Village Fund, which became available in 2015, to turn Umbul Ponggok swimming pool into a modern water park, which has become an icon of the village, and to repair roads and the drainage system.

“The BUMDes also allowed villagers to open shops at Umbul Ponggok. Rented life jackets and other swimming equipment are also provided by villagers,” Junaedi told Finance Minister Sri Mulyani Indrawati, who visited Ponggok on Wednesday.

Junaedi said he had targeted to increase the BUMDes’ net income to Rp 15 billion this year and planned to distribute its dividends among the villagers. – The Jakarta Post