Ascendas Real Estate Investment Trust (A-REIT) Bought Creative HQ For US$180 Millions ~ Creative Labs Zen MP3 Players Sound Blaster Card
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Sunday, May 11, 2008

Ascendas Real Estate Investment Trust (A-REIT) Bought Creative HQ For US$180 Millions



Well, we already know that Creative Tech sold its HQ during the last quarter results announcement. But this announcement tells us who is the buyer and the financial impact it has on Creative's balance sheet.

On 09 May 2008, Friday, Singapore's Ascendas Real Estate Investment Trust AEMN.SI said that it has entered an agreement to acquire a S$246.8 million ($180 million) business park building owned by Creative Technology.

After the sale, Creative will now rent the HQ for S$1.28 million (US$0.94 million) per month. This sale will also boost up the Net Tangible Assets ("NTA") per share from S$4.88 to S$6.64. This means that the current price on 09 May 2008 was last traded at the Singapore Stock Exchange (SGX) for only S$6.49 which is below the NTA. The Earnings per Share (“EPS”) will also increase from $US0.34 to US$2.10. This is supposedly good for Creative shareholders and the company's cash holdings.

Hmm, now Creative will be having more cash holdings, from our estimate, it will be close to US$400 millions! Maybe Creative is planning to have another company acquisition? Let's not be too speculative this. There will be some stock analysis from the broking houses regarding this Creative's latest move. We will cover more on this in the stock analysis if we can get our hands on it.

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