18. UNITS IN ISSUE AND NET ASSETS VALUE ATTRIBUTABLE TO UNITHOLDERS
(a) 5,762,000 (2013: 4,852,000) new units at an issue price range from S$1.0431 to S$1.2240 (2013: S$1.0526 to
S$1.2023) per unit were issued in respect of the settlement for the Manager’s management fees to the Manager.
At the end of the reporting year, 1,565,000 (2013: 1,613,000) units were issuable as settlement for the Manager’s
management fees for the last quarter of the reporting year.
The issue price for determining the number of units issued and issuable as Manager’s management fees is
calculated based on the volume weighted average traded price (“VWAP”) for all trades done on SGX-ST in the
ordinary course of trading for 10 business days immediately preceding the respective last business day of the
respective quarter end date.
(b) In 2013, acquisition fees for Siloam Hospitals Bali and Siloam Hospitals TB Simatupang were payable to the
Manager pursuant to the Trust Deed in the form of units. The Manager elected to receive the acquisition fees,
amounting to S$1.9 million in units at the 10 days VWAP pricing per unit before the issue date.
(c) The Trust acquired Siloam Hospitals Purwakarta (“SHPW“), which is located at Jalan Bungursari No. 1, Purwakarta,
West Java, Indonesia for a purchase consideration of S$31.0 million from PT Purimas Elok Asri (“PT PEA”), which
wholly-owned the SHPW property. PT PEA is not an interested person nor an interested party. The acquisition
of SHPW property was carried out by the Trust indirectly via the acquisition of Finura Investments Pte. Ltd., a
company incorporated in Singapore which, directly and through its wholly-owned subsidiary, Glamis Investments
Pte. Ltd., a company incorporated in Singapore, wholly owned PT Eka Dasa Parinama, a company incorporated in
Indonesia which now holds the SHPW property. S$4.5 million of the purchase consideration was satisfied by way
of the issuance of 3,805,000 units at an issue price of S$1.1826 per unit at the date of completion to PT PEA.
The acquisition was completed on 28 May 2014.
The Trust also acquired Siloam Sriwijaya (“SS”), which is located at Jalan POM IX, Komplek Palembang Square,
Palembang, Indonesia for a purchase consideration of S$39.2 million from PT Bisma Pratama Karya (“PT BPK”),
which wholly-owned the SS property. PT BPK is not an interested person nor an interested party. The acquisition
of SS property was carried out by the Trust indirectly via the incorporation of Sriwijaya Investment I Pte. Ltd.,
a company incorporated in Singapore which, through its wholly-owned subsidiary, Sriwijaya Investment II Pte.
Ltd., a company incorporated in Singapore, wholly owned PT Sriwijaya Mega Abadi, a company incorporated in
Indonesia which now holds the SS property. S$6.0 million of the purchase consideration will be satisfied by way
of the issuance of 4,805,000 units at an issue price of S$1.2488 per unit with the approval from the Singapore
Exchange Securities Trading Limited on 5 January 2015.
The acquisition was completed on 29 December 2014.
Group and Trust
2014
2013
’000
’000
Units at beginning of the year
706,629
664,948
Issuance of new units as settlement of management fees
(a)
5,762
4,852
Issuance of new units as settlement of acquisition fees
(b)
–
1,378
Issuance of new units to vendor as part of investment property purchase
(c)
3,805
35,451
Issuance of new units pursuant to the Distribution Reinvestment Plan
(d)
15,506
–
Units at end of the year
731,702
706,629
NOTES TO THE
FINANCIAL STATEMENTS
31 DECEMBER 2014
77
FIRST REIT
ANNUAL REPORT 2014
