Singapore companies in focus on Tuesday, 14 December 2021:
- Keppel and Keppel Capital consortium to acquire majority of Cleantech for up to US$150M
- City Developments to divest Millennium Hilton Seoul for around S$1.26B
- QT Vascular: Won’t recognise the validity of Wednesday’s EGM
Others: Far East Hospitality Trust, Totm Technologies, Intraco, Asian Healthcare Specialists and New Silkroutes Group.
City Developments has entered a deal to divest the Millennium Hilton Seoul and adjoining land to IGIS Asset Management for 1.1 trillion South Korean won, or around S$1.26 billion, a premium to book value, the Singapore-listed property company said in a filing to SGX Monday.
Keppel Corp., Keppel Asia Infrastructure Fund (KAIF) and a KAIF co-investor, via Cloud Alpha, are acquiring a 51 percent stake in Cleantech Renewable Assets for up to US$150 million, according to a filing to SGX Monday.
QT Vascular, facing the possibility the extraordinary general meeting (EGM) set for Wednesday would remove all of the company’s directors without replacements, declared late on Monday it would not recognise the validity of the EGM’s outcome.
Far East Hospitality Trust
Far East Hospitality Trust has entered into a S$250 million facility agreement with an institutional bank on Monday, the trust’s manager said in a filing to SGX.
Totm Technologies will extend a US$3.75 million convertible loan to PT Cakrawala Data Integrasi (CDI) and the two will enter an exclusive tie up to provide verification-as-a-service to Indonesia’s private sector, the Singapore-listed company said in a filing to SGX Monday.
Intraco said Monday it has entered into a binding heads of agreement to acquire 51 percent of MHC Digital from Mark Carnegie
and Sergei Sergienko for S$10 million in cash and the issuance of 100 million new share at S$0.50 a share, a premium to the current market price.
MHC Digital is an Australian digital asset platform with licences for related businesses in Australia, Intraco said in a filing to SGX.
“The company recognises that the digital asset industry is one of the fastest growing spaces and believes that the proposed transaction will allow the group the opportunity to participate in the sector’s significant growth prospects,” Intraco said.
Asian Healthcare Specialists
Sian Chay Medical Institution, a non-profit organisation providing free traditional Chinese medicine (TCM) consultation and subsidised medicine for lower-income people, has entered a deal to subscribe for 30.86 million new shares of Asian Healthcare Specialists at S$0.162 each to raise around S$5 million, the company said in a filing to SGX Monday.
The funds may be used for potential acquisitions and/or organic growth, the filing said.
The new shares represent 5.34 percent of Asian Healthcare Specialists” enlarged share capital, the filing said. The issue price is a premium of around 1.4 percent to the volume weighted average price (VWAP) of S$0.1597 for trades on 6 December, the filing said.
Sian Chay Medical Institution is subscribing to the shares for investment purposes, the filing said.
New Silkroutes Group
New Silkroutes Group said Monday it has received both a letter of demand (LOD) dated 16 November for an alleged sum of around S$98,653 due 18 November and a statutory demand for an alleged sum of around S$146,235 due 17 December, both related to a tenancy agreement with a landlord for the premises at the Fragrance Empire Building in Singapore.
“Due to work-from-arrangements home arrangements in compliance with Covid-19 regulations, the LOD was only retrieved from the company’s mailbox on 13 December 2021. As the LOD was not paid by 18 November 2021, the landlord alleges that there has been
an event of default,” New Silkroutes Group said in a filing to SGX.
“The company has engaged the leasing and finance department of the landlord since September 2021, but the landlord has not responded to multiple requests from the company for a meeting,” the company said, adding it is reviewing the LOD and statutory demand with its legal and financial advisers.