Singapore companies in focus on Monday, 22 November 2021:
- Cuscaden Peak bid for SPH clears key regulatory hurdles in Singapore
- Sinjia Land enters S$2B reverse take-over deal with BINEX Singapore
- SPH REIT: VTLs won’t boost Paragon mall much near term
- Prime US REIT reaches deal to terminate WeWork lease at Emeryville property
- CityDev and CapitaLand sell 77 percent of CanningHill Piers on launch weekend
Others: ESR-REIT, Mapletree Logistics Trust, Keppel DC REIT, iFAST, Sim Leisure, Sunpower Group, GSS Energy, Metal Component Engineering, Vividthree and QT Vascular.
This item was originally published on Saturday, 20 November 2021 at 14:03 SGT; it has since been updated to include Cuscaden Peak, SPH, Keppel, CapitaLand Development, City Development and Addvalue Technologies.
Cuscaden Peak, SPH, SPH REIT and Keppel
Sinjia Land has entered a non-binding term sheet to acquire all of BINEX Singapore (BSG) from Japan-based BINEX (BJN) for at least S$2 billion in a reverse takeover, the company said in a filing to SGX Friday.
SPH REIT dampened expectations that Singapore’s vaccinated travel lanes (VTLs) — which allow vaccinated visitors from select countries into the city-state without long quarantines — would boost Paragon mall out of its Covid-related doldrums.
CapitaLand Development and City Developments
City Developments and CapitaLand Development (CLD) sold 77 percent of the units at their 50:50 joint development CanningHill Piers in the launch weekend, for a total sales value of more than S$1.18 billion, the companies said in a press release Sunday.
Mondrian Investment Partners became a substantial shareholder of ESR-REIT after acquiring 9 million units in the market for S$4.37 million on 17 November, taking its deemed interest to 5.14 percent, according to a filing to SGX.
Prime US REIT
Prime US REIT said Friday it has reached a deal with a WeWork Co. subsidiary to terminate its lease at tower one of its Emeryville property.
Mapletree Logistics Trust
Mapletree Logistics Trust said Friday it has completed the acquisition of a logistics facility in Yeoju, Gyeonggi-do, South Korea.
Keppel DC REIT
Keppel DC REIT‘s wholly owned subsidiary, KDCR Guangdong, has obtained a 400 million yuan five-year credit facility, according to a filing to SGX Friday.
IFAST Global Markets Malaysia, the wealth advisory arm of iFAST Malaysia, said Friday it has reached assets under administration (AUA) of more than 1 billion ringgit as of end-October, up around 113 percent on-year. IFAST Malaysia is the Malaysian subsidiary of iFAST Corp.
“Achieving an AUA of over 1 billion ringgit in just three and a half years not only marks a milestone for iGM Malaysia, but also indicates that there are tremendous opportunities in the Malaysia wealth management space which are yet to be fully captured,” Dennis Tan, managing director of iFAST Malaysia, said in a statement filed to SGX Friday.
Sim Leisure and others
Singapore companies announcing executive changes on Friday, 19 November 2021: Sim Leisure Group, Koyo International, Dairy Farm International, Mandarin Oriental International, and Banyan Tree Holdings.
Sunpower Group said Friday its wholly owned subsidiary, Zhangjiagang Yongxing Thermal Power Cp., has incorporated a joint venture company, called Suzhou Green Bright Renewable Energy, with Suzhou Green Enthalpy Thermal Technology and Zhangjiagang Water Group. The joint venture’s main activities will be in heat and electricity production and supply, the filing said.
Sunpower’s subsidiary will hold 28 percent of the joint venture, Suzhou Green Enthalpy will hold 42 percent and Zhangjiagang Water
Group will hold the remainder, the filing said.
GSS Energy said Friday its subsidiary, Giken Mobility (GML) will be showcasing two new models of electric motorcycles at the 2021 Esposizione Internazionale Delle Due Route (EICMA 2021), also known as the Milan International Two-Wheel Exhibition in Italy, to be held 25-28 November.
GML is the global licensee of the Iso motorcycle brand, which is licensed from Town Life Veicoli S.R.L. (TLV), which is part of the Lamborghini family helmed by Ferruccio Lamborghini of Tonino Lamborghini S.p.A., GSS Energy said in a filing to SGX.
Metal Component Engineering
Metal Component Engineering said Friday its wholly owned subsidiary 5Digital entered a deal to acquire 18.41 percent of Adazal for around S$2.025 million in cash and shares.
Adazal is a social-commerce company, with a platform called Triber, which offers live streaming, group purchasing and manages logistics. The platform has been launched in the Philippines, where it has integrated with GCash payment platform, with Vietnam planned as a second market.
Vividthree has raised S$2.2 million after placing 37.5 million new shares to high-net worth individuals and institutional funds, including Evolve Capital Management, Asdew Acquisitions, Jin Xin Wealth Management and Cheong Wei Xiong, the company said in a filing to SGX Friday.
Addvalue Technologies said Saturday it has entered a deal to issue 2.34 billion new shares at S$0.0127 each, or a total S$29.72 million, to PT Tron Asia Pasifik, subject to shareholder approval. The new shares would represent 50.99 percent of the company’s enlarged share capital, Addvalue said in a filing to SGX.
In addition, PT Tron Asia Pasifik would loan Addvalue S$5.02 million interest-free under the deal, the filing said.
Addvalue said it would use the proceeds to retire borrowings and provide liquidity for working capital and developing new products and technologies for business expansion.
PT Tron Asia Pasifik is an Indonesia-based investment holding company owned by the Rangkuti family.
QT Vascular reported Saturday that Eitan Konstantino, age 54, would step down from the CEO role, effective 30 November.