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Religare Health Trust aiming to raise $417.9 million through Singapore IPO

Religare Health Trust of the Indian hospital chain operator Fortis Healthcare, is aiming to raise about $417.9 million through an Initial Public Offering at the Singapore Stock Exchange.

Religare will offer 567.46 million shares and it has set an IPO price of S$0.90 per share, according to the final prospectus filed by the company with the Monetary Authority of Singapore. The company will offer 555.46 million shares to institutional investors in Singapore and abroad and the remaining 12 million to the general public.

The IPO will open from 15 October to 18 October, according to the prospectus. The IPO price has been set near to the lower limit in the S$0.88-S$0.97 band set by the company. The company had earlier planned to get listed in the fourth quarter but t had to defer the decision in order to difficult market situation as well as a delay in consolidation of businesses by Fortis Healthcare.

The company is aiming to get listed and started regular share trading by 22 October. This will be the second listing of an Indian company in Singapore following Indiabulls Properties Investment Trust, which raised about $165 million in 2009

More HDB flats built for singles in Singapore

Khaw Boon Wan, the National Development Minister of Singapore has said in a reply to a query in the Parliament that more Housing Board (HDB) flats in the country are being built for singles.
Mr Khaw said that the number has been increased a bit to cater to the singles. He said that the National Development Ministery is still determining the exact number of flats to set aside for singles in the country. According to current regulations, singles can purchase only resale HDB flats and they are required to be above the age of 35 years.
He had earlier indicated that even if singles are allowed to buy houses, rules would remain the same. Singles will have be above the age of 35 years and will not be allowed to sublet them. Single buyers will only be able to buy smaller BTO plats.
Mr Khaw added that the ministry officials will gather views and suggestions over eh matter and release more details in the coming year. He informed the parliament that the number of new flats each year has been meeting the demands of new families. He said that the supply was able to match the 15,000 marriages involving Singapore citizens a yea
NZ Bus staff votes down pay offer


The staff members of NZ Bus have voted down a new pay offer agreed to by the company after it was negotiated with the union representatives.
Unions informed the company that the new deal received the approval of only 50 per cent, which is below the 60 per cent required to accept and ratify the deal. The company has said that it has already agreed with unions on a new pay offer two times and both the times the offer was not approved by the union members.
The company says it is aiming to continue trying to conclude the bargaining and added that it had offered a fair deal to the unions. It is believed that the bus services in Auckland will be further affected due to the fallout of the latest voting down of the deal by the staff members.
"The union executive have unanimously recommended the deal and over 50 per cent of the drivers want to accept. At some point we need to move forward as a business," said NZ Bus Chief Operating Officer Shane McMahon. He also pointed out that the deal would have resulted in members being paid $20 hour next November making them amongst the highest paid in Auckland.
First Union spokesman Karl Andersen said that the union will send another notice of industrial action by the staff members.
UK’s consumer price inflation recorded at 2.2 percent in September

According to the latest figures released by the government, UK's consumer price inflation was recorded at 2.2 percent during the month of September.
The Office for National Statistics showed the inflation in September was the lowest since November 2009. The consumer price inflation was recorded at 2.5 percent in August 2012. Analysts believe that the inflation remains moderate because gas and electricity prices had been increased sharply during the previous year. The consumer price inflation for September remained flatter because electricity prices had driven the inflation to a high of 5.2 percent in September 2011.
The Bank of England and the government have been hoping for the inflation to fall so as to leave the people with more money to spend and support the economic growth. , the family income level in the UK has increased at its slowest pace since December 2010 and people faced increasing difficulties due to an increase in spending. The family income increased by 1.7 per cent while costs increased at a much faster rate.
The electricity bills are now 8 percent higher than the previous year while the spending on essential items grew at 3.3 per cent compared to the year earlier, according to Lloyds TSB spending report for September. The government is concerned that inflation index might increase because four of UK's largest energy suppliers are expected to increase power costs by about 6 to 9 percent.