These are Singapore companies which may be in focus on Wednesday, 20 November 2019: Oxley Holdings, United Engineers Ltd., Ascott Residence Trust, Ascendas Hospitality Trust, Mapletree Commercial Trust and Yanlord Land.
This article was originally published on Tuesday, 19 November 2019 at 23:10 SGT; it has since been updated to include Ascendas India Trust and PACC Offshore Services Holdings (POSH).
Oxley Holdings and United Engineers
Oxley Holdings disposed of 62.03 million shares of United Engineers Ltd. (UEL) in a market transaction for S$167.5 million, taking its direct interest down to 9.19 percent from 18.92 percent previously, the property developer said in a filing to SGX Tuesday.
The deemed interest of Ching Chiat Kwong, who holds 42 percent of Oxley Holdings, fell to 9.19 percent from 18.92 percent, while Ching’s direct interest remained at 3.49 percent, for a total interest after the transaction of 12.68 percent, the filing said.
The deemed interest of Low See Ching, who holds 28.06 percent of Oxley Holdings, also fell to 9.19 percent from 18.92 percent, while Low’s direct interest remained at 2.21 percent, for a total interest of 11.4 percent after the transaction, the filing said.
Ascendas India Trust
Ascendas India Trust’s private placement met with strong demand, pricing at the top of its range to raise around S$150 million, the trust said in a filing to SGX Wednesday
Ascott Residence Trust and Ascendas Hospitality Trust
Ascott Residence Trust and Ascendas Hospitality Trust said Tuesday the Singapore court has sanctioned the REITs’ plan to merge.
The last day of trading for Ascendas Hospitality Trust’s units is expected to be 16 December, with the merger effective date expected on 19 December, the REITs said in a filing to SGX.
Mapletree Commercial Trust
Schroders PLC acquired 15.42 million units of Mapletree Commercial Trust for S$34.55 million due to subscription to a preferential offering, the asset manager said in a filing to SGX Tuesday.
The transaction brought Schroders’ deemed interest in Mapletree Commercial Trust to 7.006 percent from 6.973 percent previously, the filing said.
Yanlord Land’s wholly owned subsidiary Yanlord Land Investment Management (Shanghai) has acquired an 85 percent stake in Changshu Future Land Yuexin Property Development for 1 yuan, the Chinese property developer said in a filing to SGX Tuesday.
The consideration took into account the registered capital of Changshu Future of 20 million yuan, which was unpaid, the filing said. The 85 percent stake’s net tangible liability was around 479,000 yuan, based on Changshu Future’s management accounts as of end-July, the filing said.
Suzhou, China-based Changshu Future is mainly involved in property development, Yanlord said.
PACC Offshore Services Holdings (POSH)
PACC Offshore Services Holdings (POSH) said Tuesday it has incorporated a joint venture company in Taiwan with Kerry TJ Logistics for ship transportation forwarding services and offshore marine services, including chartering, operating and managing vessels.
POSH will hold 49 percent of the venture, while Kerry TJ Logistics, which is an associate of POSH Chairman Kuok Khoon Ean, will hold the remainder, the company said in a filing to SGX.
The joint venture will have paid up capital of NT$24 million, the filing said.