UPDATE: Singapore stocks Friday: Singtel, Viking Offshore, Cuscaden Peak, SPH, Keppel DC REIT, CDG, Soilbuild

Singtel retail outlet at Tiong Bahru PlazaSingtel retail outlet at Tiong Bahru Plaza; photo taken pre-Covid

Companies in focus on Friday, 19 November 2021:

  • Singtel Optus prices A$300M seven-year sustainability-linked bond
  • Viking Offshore gets mandatory offer after investor group acquires 87 percent stake
  • SembMarine: Share buyback to meet awards under previous years’ employee share plans
  • UPDATE: Stake changes: Prime US REIT stake trimmed by AT Investments; United Hampshire US REIT, FLCT, Q&M

Others:  Cuscaden Peak, Keppel Corp., SPH, and SPH REIT, Keppel DC REIT, ComfortDelGro, SingHaiyi Group, Chip Eng Seng, Soilbuild Construction Group, Ellipsiz and Metal Component Engineering.

This item was originally published on Friday, 19 November 2021 at 1:28 a.m. SGT; it has since been updated to include QT Vascular and China Everbright Water. 

Cuscaden Peak, Keppel, SPH and SPH REIT

Cuscaden Peak clarified a Business Times article headlined “Battle for SPH: Cuscaden Wants both scheme meetings to be held at the same time.” The article attributed a statement regarding its bidding battle with Keppel Corp. over SPH to a Cuscaden-related director that read, “we have already made all the submissions that are required to be made, and everything is at quite an advanced stage of approval” and that the “difference in completion timeline between the two schemes is ‘very marginal’.”

Cuscaden said Thursday that all the formal applications for regulatory approvals of its SPH bid have been submitted and all questions raised by regulators have been responded to.

In addition, Cuscaden noted the condition of the Keppel bid for the Cuscaden vote to not be held within eight weeks of the Keppel vote means the potential timing difference in completion would be the Keppel bid, if approved, could be completed in January, while if approved, the Cuscaden bid could be completed in February — what the director was reported to have said was “marginal.”

Read Cuscaden Peak’s filing to SGX.

Singtel Optus

Singtel‘s wholly owned subsidiary Optus has priced a A$300 million seven-year fixed-rate sustainability-linked bond (SLB) at 2.60 percent, the Singapore telco said in a filing to SGX Thursday.

Read more: Singtel Optus prices A$300M seven-year sustainability-linked bond

Keppel DC REIT

Keppel DC REIT, noting it has received “considerable interest and queries” from investors concerned about the proposed investment in bonds and preference shares of M1 Network (NetCo), highlighted what it saw as the merits of the deal in a filing to SGX Thursday. It also noted the independent financial advisor stated the deal was “on normal commercial terms and [is] not prejudicial to the interests of Keppel DC REIT and its minority unitholders.”

“This is an opportunistic, DPU-accretive investment that will provide Keppel DC REIT with stable and regular cash flow, as well as enhance total unitholders’ returns. When completed, the proposed investment would form less than 3 percent of our enlarged portfolio, while increasing DPU by 3.8 percent,” Anthea Lee, CEO of the REIT’s manager, said in the statement.

“Post-completion, our enlarged portfolio will create a stronger platform for acquisition growth, in line with our commitment to maintain at least 90 percent of our assets under management invested in data centers,” she said.

Read Keppel DC REIT’s filing to SGX and about the deal for the NetCo assets.

Sembcorp Marine

Sembcorp Marine’s share buyback this week was to meet awards under its 2010 share performance and restricted share plans, a spokesperson for the company told Shenton Wire in an email.

Read more: SembMarine: Share buyback to meet awards under previous years’ employee share plans

Viking Offshore

Viking Offshore and Marine has received Thursday a mandatory unconditional cash offer for all of its shares after a group of investors acquired an 87 percent stake in the company from Blue Ocean Capital Partners and from Ng Yeau Chong at just S$0.01 a share.

Read more: Viking Offshore gets mandatory offer after investor group acquires 87 percent stake

ComfortDelGro

ComfortDelGro said Thursday its wholly owned private bus company, ComfortDelGro Bus, has won a S$30 million contract to operate the shuttle service at National University of Singapore, including the eletrification of the university’s entire fleet of shuttle-service buses.

“We are excited to have won this tender to operate the largest electrified private bus fleet at the National University of Singapore’s Kent Ridge campus as this is very much in line with both ComfortDelGro Bus’ and NUS’ sustainability goals,” Stephen Chow, CEO of ComfortDelGro Bus, said in a statement filed to SGX.

The NUS electric buses will begin operations from the third quarter of 2022, the filing said.

Read ComfortDelGro’s statement filed to SGX.

Prime US REIT and others

Singapore substantial shareholder changes announced on Thursday, 18 November 2021: Prime US REIT, United Hampshire US REIT, Frasers Logistics & Commercial Trust and Q & M Dental Group (Singapore).

Read more: UPDATE: Stake changes: Prime US REIT stake trimmed by AT Investments; United Hampshire US REIT, FLCT, Q&M

SingHaiyi Group

SingHaiyi Group reported Thursday Haiyi Treasures, which has made a takeover bid for all of SingHaiyi’s shares, now owns, controls or has agreed to acquire 82.88 percent of the property developer’s shares.

Read more: Celine and Gordon Tang bid to take SingHaiyi private

Chip Eng Seng

Chip Eng Seng said Thursday its wholly owned subsidiary CES Edutech has entered a deal to provide Amdon Consulting funding via a convertible note at 10 percent per annum. CES Edutech will contribute S$904,133, while other Amdon investors will top up the amount to reach a total S$1 million, Chip Eng Seng said in a filing to SGX.

“The company believes that the 2021 convertible note will facilitate Amdon Consulting’s execution of its plans and allow it to push out its new product offerings to the China market in a timely manner, and hence maximising its potential,” Chip Eng Seng said.

CES Edutech holds 42.73 percent of Amdon, the filing said.

Read Chip Eng Seng’s filing to SGX.

QT Vascular

QT Vascular issued Friday clarifications of the announcement from some shareholders calling for an extraordinary general meeting (EGM) to remove certain members of management.

The clarifications included that Mission Well, a substantial shareholder calling for the EGM, may not be a long-term shareholder as it may not have owned shares before November and its substantial shareholder notification to SGX only occurred in November.

In addition, QT Vascular said the EGM announcement overstated executive compensation and incorrectly tabulated the issuance of new shares and gross proceeds under a 2018 deal.

Read QT Vascular’s clarification filing.

China Everbright Water

China Everbright Water said Friday it has signed agreements with Huanghua City Management and Comprehensive Administrative Law Enforcement Bureau in Hebei Province, for the Hebei Cangzhou Huanghua Waste Water Treatment Plants Public-Private Partnership (PPP) Project with a total investment of around 208 million yuan.

Read China Everbright Water’s filing to SGX.

SoilBuild Construction Group

SoilBuild Construction Group said Thursday its direct wholly owned subsidiary Precast Concrete has entered a new banking facility with UOB for an aggregate S$25 million.

The funds will be used to partially finance the purchase and expansion of precast manufacturing facilities at Pontian in Johor, Malaysia, on a reimbursement basis, and to purchase machinery for the integrated construction and precast hub in Singapore on a reimbursement basis, the company said in a filing to SGX.

“The acceptance of the facility is aimed at improving the group’s cashflow position with a view to placing the group in a position of strength to capture business opportunities in relation to the growing demand for precast and prefabricated products in the Singapore market,” Soilbuild said.

Ellipsiz

Ellipsiz said Thursday it entered a deal to acquire 20 percent of ISE Capital Management (ICM) from Yayoi Yoshikawa for S$2 million.

ICM  owns 70 percent of ISE Foods Holdings, which earlier this year signed a memorandum of understanding (MOU) with the Singapore Food Agency to operate the city-state’s fourth egg farm, which will include an egg layer farm, a chick hatchery, a parent layer farm and a pullet farm, the company said in a filing to SGX.

“The proposed acquisition allows the company to make its foray into the agri-food industry and partner with an established player and market leader in the egg business. It serves as a foothold from which there could be potential opportunities for the company to consider the agri-food sector and increasing its investment in this business in the future,” Ellipsiz said.

Read Ellipsiz’s filing to SGX.

Metal Component Engineering

Metal Component Engineering said Thursday it plans to issue 66.53 million new shares at S$0.0495 in a conditional placement agreement with 15 investors to raise S$3.293 million to expand in the healthcare and e-commerce businesses.

Read Metal Component Engineering’s filing to SGX.

 

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