UPDATE: Singapore stocks Thursday: Olam, Cromwell European REIT, Riverstone, Singtel, Vallianz, Beng Kuang

Stock ticker at SGX building on Shenton Way; taken October 2018.Stock ticker at SGX building.

Singapore companies in focus on Thursday, 18 November 2021:

  • Olam to issue around S$150M in subordinated perpetual securities
  • Cromwell European REIT prices S$100M fixed-rate perpetual securities
  • Stake changes: EPF Board ceases to be substantial Riverstone shareholder; Q&M Dental, APTT

Others: Singtel, SMI Vantage, Vallianz Holdings, Beng Kuang Marine and Reenova Investment.

This item was originally published on Thursday, 18 November 2021 at 1:41 a.m. SGT; it has since been updated to include United Hampshire US REIT.

Olam

Olam International plans to issue S$125 million and S$25 million in subordinated perpetual securities, with an issue price of 100.25 percent of the principal amount and an initial distribution rate of 5.375 percent, according to a filing to SGX.

Read more: Olam to issue around S$150M in subordinated perpetual securities

Cromwell European REIT

Cromwell European REIT has priced S$100 million fixed-rate subordinated perpetual securities at 5.0 percent, the REIT said in a filing to SGX Wednesday.

Read more: Cromwell European REIT prices S$100M fixed-rate perpetual securities

Riverstone and Malaysia’s EPF Board

Malaysia’s Employees Provident Fund Board sold 4.93 million shares of Riverstone Holdings in the market for around S$3.97 million, taking its deemed interest down to 4.768 percent from 5.101 percent previously, according to a filing to SGX Wednesday.

Read more: Stake changes: EPF Board ceases to be substantial Riverstone shareholder; Q&M Dental, APTT

Singtel

Singtel said Wednesday it has completed the disposal of a 70 percent stake in Australia Tower Network to AS Infra Tower. Singtel’s wholly owned subsidiary Singtel ATN has retained a 30 percent stake in Australia Tower Network, Singtel said in a filing to SGX.

Read more: Singtel to sell 70% of Australia Tower Network to AustralianSuper for A$1.9B

United Hampshire US REIT

United Hampshire US REIT said Thursday its trustee, Perpetual (Asia), has obtained a US$50 million term loan facility maturing in November 2024.

SMI Vantage

SMI Vantage said Wednesday it was planning to develop a non-fungible token (NFT) publishing business and will be seeking digital content for publication and sale across several NFT platforms. The company has signed an memorandum of understanding (MOU) with Nasdaq-listed The9 to explore developing the business, SMI Vantage said.

The plan is for SMI Vantage to serve as a publisher and sign agreements with selected contributors to handle auctioning and trading the completed work, the company said in a filing to SGX.

Read SMI Vantage’s filing to SGX.

Vallianz Holdings

Vallianz Holdings‘ wholly owned subsidiary Vallianz Investment Capital (VIC) has entered a deal to sell 90,000 shares of Rawabi Vallianz Offshore Services (RVOS), or a 20.93 percent stake, to Rawabi Energy Co. (REC) for US$80 million, according to a filing to SGX Wednesday.

After the deal, VIC will hold 19.77 percent of RVOS and REC will hold 80.23 percent, the filing said. Saudi-based RVOS provides offshore marine support services.

Vallianz said one driver of the deal was the Saudi Arabian government’s shift to reinforce local content as a requirement for doing business in the country, making it a component in evaluating all contracts to be awarded by Saudi Aramco.

Beng Kuang Marine

Beng Kuang Marine reported Wednesday revenue for the January-to-September period increased 34 percent on-year to S$41.22 million, with growth across all business segments except the shipping business, which operates two livestock vessels and two Indonesian-flagged assist tugs.

The infrastructure engineering and corrosion prevention segments posted revenue growth of 106 percent ant 85 percent, respectively, the company said in a filing to SGX.

Read Beng Kuang Marine’s filing to SGX.

Beng Kuang Marine

Beng Kuang Marine said Wednesday that one of the two livestock carriers detained by the Indonesian Navy for anchoring in an unauthorised area was released from detention on 15 November. The vessel, called MV Diamantina, is owned by Cattle Line Two, a 70 percent-owned subsidiary of the company, and it was detained in early October, the company said in a filing to SGX.

Reenova Investment

Reenova Investment said Wednesday it has entered a non-binding term sheet to acquire 3DOM (Singapore), known as 3PL, a wholly owned subsidiary of 3DOM. 3DOM has granted 3PL an exclusive global license to manufacture and sell next-generation lithium ion batteries, the company said in a filing to SGX.

Reenova said the deal was likely to result in a reverse takeover. Reenova’s shares are suspended and it is seeking to inject an appropriate business into the group, the filing said. The indicative consideration to acquire 3PL, which won’t be less than US$1 billion, will be paid via the issuance of Reenova shares, the filing said.

In addition, Reenova entered a non-binding term sheet with Evolve Capital Management Fund VCC, on behalf of the ECM Opportunities Fund, for a convertible loan of S$1.2 million, issued at 6 percent a year, with a 12-month maturity, according to a filing to SGX. The loan will be mandatorily converted into shares of the company once approval for a reverse takeover is obtained and the shares restart trade on SGX, the filing said.

Read Reenova Investment’s filing to SGX.

 

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