Singapore companies in focus on Thursday, 25 November 2021:
- SPH shareholder meeting to vote on Keppel bid is delayed
- Mapletree Logistics prices private placement at low end of range
- Keppel Infrastructure Trust prices S$200M notes due 2026 at 3 percent
- SGX adds Cantor Fitzgerald as accredited issue manager, tapping SPAC expertise
Others: Koufu, Mapletree North Asia Commercial Trust (MNACT), Trendlines Group, Digital Core REIT, iX Biopharma, United Hampshire US REIT, JUMBO, Chaswood Resources, Southern Alliance Mining, LHN Group, Beng Kuang Marine, Mooreast Holdings, Shinvest Holdings and SMI Vantage.
SPH, Keppel and Cuscaden Peak
Previously, the companies had said the only events, or “specified events,” which would be allowed to delay the meeting would be related to regulatory approvals or to the finalisation of the independent financial advisor’s opinion.
The meeting to vote on the Cuscaden Peak’s higher offer can only happen if SPH’s shareholders vote against the Keppel offer at a meeting to be held first.
Mapletree Logistics Trust
Mapletree Logistics Trust said Wednesday it has executed a pricing supplement for a proposed issue of 2 billion yen 0.70 percent notes due 2029 as series 005 under its S$3 billion euro medium-term securities program.
The notes are unsecured and not rated, and will not be listed, the trust said in a filing to SGX. The proceeds will be used toward general corporate purposes, including refinancing existing borrowings, Mapletree Logistics Trust said.
Citigroup Global markets is the sole manager of the notes, the filing said.
Mapletree Logistics Trust
Mapletree Logistics Trust has priced its private placement at S$1.88 a unit after a book-building process, at the low end of the indicative range of S$1.86 to S$1.911, but still oversubscribed, the trust said in a filing to SGX Wednesday.
SGX and Cantor Fitzgerald
Singapore Exchange (SGX) has added Cantor Fitzgerald as an accredited issue manager for SGX Mainboard listings, citing the investment bank’s expertise with SPACs, or special purpose acquisition companies.
Mapletree North Asia Commercial Trust
Mapletree North Asia Commercial Trust said Wednesday it has entered a settlement of HK$334.3 million, or around S$58.3 million, with its insurers for claims for property damage and revenue loss due to business interruption at Festival Walk. Interim payments of HK$263 million have been received so far, MNACT said in a filing to SGX.
Keppel Infrastructure Trust
Keppel Infrastructure Trust has priced S$200 million notes due 2026 at 3 percent, the trust said Wednesday, compared with an initial pricing guidance of 3.125 percent from a client note seen by Shenton Wire.
Trendlines, Agriline and Vensica
The Trendlines Group has entered a deal for a US$700,000 loan from Agriline to partially finance the Singapore-listed company’s participation in a Series C fundraising round by Vensica Medical, which is a Trendlines portfolio company, according to a filing to SGX Wednesday.
Digital Core REIT
Digital Core REIT, which plans to invest in data center assets and assets used to support the digital economy, is seeking an initial public offering (IPO) to raise gross proceeds of around US$977 million, according to a prospectus filing with the Monetary Authority of Singapore.
IX Biopharma has signed an exclusive agreement with Nasdaq-listed Seelos Therapeutics for the Singapore-listed company to license its lead drug under development, Wafermine, a sublingual racemic ketamine wafer, and other products, in exchange for a US$9 million upfront payment in cash and shares, according to a filing to SGX.
The Singapore-listed company may also receive up to US$239 million in milestone payments as Seelos reaches development and product sales targets, as well as double-digit royalties on future net sales of any licensed product, iX Biopharma said.
United Hampshire US REIT
United Hampshire US REIT said Wednesday it has completed the acquisition of Penrose Plaza in Philadelphia, Pennsylvannia, in the U.S.
Singapore-style coffee shop and food court operator Koufu reported Wednesday its total revenue on a same-store basis for July-to-October came in 20 percent below the same period in 2019, which was pre-Covid.
Iconic Singapore chilli crab restauranteur JUMBO reported Wednesday its fiscal year net loss widened to S$11.76 million from a net loss of S$8.17 million in the year earlier as Covid-related restrictions continued to weigh on the food and beverage sector.
Chaswood Resources and Techna-X
Chaswood Resources has entered a binding term sheet for a proposed US$500 million reverse takeover of HK Aerospace Beidou New Energy Technology (HKAB), the company said in a filing to SGX Wednesday.
Southern Alliance Mining
Southern Alliance Mining, when asked by Securities Investors Association (Singapore), or SIAS, about when Brazil’s iron ore supply will return to pre-Covid levels and what the price impact would be, replied: “Although it is difficult to ascertain when supply growth from Brazil would be able to achieve pre-pandemic levels, the group is of the opinion that the excess demand situation will continue to persist over the next couple of years and hence, paints an optimistic outlook for the group.”
The company operates iron ore mines in Malaysia.
“Economies around the world have adopted an infrastructure-led economic recovery from the pandemic. This has significantly boosted the demand for steel consumption and hence, led to an excess demand situation for the iron ore industry amidst tepid supply growth,” the company said in a filing to SGX. “Despite the restoration of supply from Brazil that may further add to the supply in the market, the group foresees there to be continued demand growth and steady consumption in the near future.”
LHN Group said Wednesday it has submitted a spin-off application to HKEx and SGX for the shares of LHN Logistics, which will hold the logistics services business after the completion of a reorganisation. LHN Group plans to hold the majority of LHN Logistics after the spinoff, the company said in a filing to SGX and HKEx.
Beng Kuang Marine
Beng Kuang Marine said Wednesday it has designed and developed specialised dredging equipment for offshore tin mining activities, with a pilot phase of the equipment undertaken in collaboration with an Indonesian tin smelter
“There are strong key drivers in the demand for tin globally and while there are significant tin ore deposits within Indonesia’s offshore regions, there are various operational challenges in such offshore tin mining activities,” Yong Jiunn Run, CEO of Beng Kuang Group, said in a statement filed to SGX.
“Utilising our technical expertise from multiple business areas, we are excited to showcase how our specialised dredging equipment, technology and services can enable tin concession owners in Asia to gain greater access to these offshore tin ore deposits,” he said.
Mooreast Holdings climbed 13.6 percent on its trading debut on SGX’s Catalist board, ending Wednesday at S$0.25, compared with its initial public offering (IPO) price of S$0.22. The shares had opened trade at S$0.285.
Beng Kuang Marine
Beng Kuang Marine said Wednesday its net loss for the January-to-September period narrowed slightly to S$3.69 million from S$3.94 million in the year-ago period as revenue rose 34 percent on-year to S$41.22 million.
The infrastructure engineering (IE) and corrosion prevention (CP) segments posted revenue growth of 106.4 percent and 84.9 percent, respectively, and the shipping segment revenue slipped as both of the group’s livestock vessels were taken off charter, the company said in a filing to SGX.
The group posted a non-cash depreciation expense of S$6.18 million for the period.
Shinvest Holdings said Wednesday it has disposed of 137,587 shares of Espressif Shanghai at an average 197.77 yuan each for net proceeds of 27.18 million yuan. The company said it expects to report a fair value loss before tax of around S$341,416 from the disposal.
As of 24 November, Shinvest has disposed of a total 1.996 million Espressif Shanghai shares, and still holds 2.80 million shares, the company said in a filing to SGX.
SMI Vantage is acquiring 3,000 crypto-mining machines from a subsidiary of China-based Nasdaq-listed The9 at 1,100 yuan each for a total value of 3.3 million yuan, to be delivered in the next two months, the company said in a filing to SGX Wednesday.
The purchase consideration can be paid either in cash or via the issuance of 7.83 million new shares at S$0.09 each, the filing said.
“The acquisition will enable SMI Vantage to offer institutional and retail customers access to crypto-currency-mining-as-a-service, through either full ownership, leasing or fractional time-based ownership of crypto mining machines,” the company said in the statement. “This purchase will propel SMI Vantage into the forefront of crypto currency miners in Southeast Asia.”