Singapore companies in focus on Thursday, 23 December 2021:
- Keppel’s bid for SPH takes blow as waiting period for Cuscaden vote is struck down
- Allianz Real Estate and Ivanhoe Cambridge launch up to US$2B Japan Multi-Family Fund
- QT Vascular: Requisitioning shareholders haven’t pursued ‘second attempt EGM’
- Sheng Siong taps MP Cheng Li Hui as one of three new independent directors
Others: CDL Hospitality Trusts, Keppel Corp. and Keppel DC REIT, GuocoLand, UOL Group, Wee Investments, Singapore Post (SingPost), China Everbright Water, Chuan Hup Holdings, ASTI Holdings, Dyna-Mac Holdings, Colex Holdings and Intraco.
This item was originally published on Thursday, 23 December 2021 at 2:57 a.m. SGT; it has since been updated to include ST Engineering and Far East Group.
Keppel Corp., SPH and Cuscaden Peak
Keppel Corp.’s attempt to take over SPH suffered a setback Wednesday, with a ruling striking down its offer’s condition for SPH shareholders to vote on its bid eight weeks before a meeting can be held on the competing bid from Cuscaden Peak.
Allianz Real Estate and Ivanhoe Cambridge
Allianz Real Estate has tied up with Ivanhoe Cambridge to launch Singapore-based closed-end fund Allianz Real Estate Asia-Pacific Japan Multi-Family Fund I (AREAP JMF 1), with an investment capacity of around US$2 billion in gross asset value, the companies said in a press release Wednesday.
ST Engineering said Wednesday its subsidiary ST Engineering North America updated its U.S. commercial paper program, increasing its limit to US$3 billion from US$1.5 billion previously.
Under the program, ST Engineering may periodically issue short-term unsecured promissory notes for tenors up to 397 days, the company said in a filing to SGX. Although proceeds under the program will generally be used for general corporate purposes, they may also be sued as bridge financing for the proposed acquisition of TransCore, the company said.
CDL Hospitality Trusts
CDL Hospitality Trusts‘ manager, M&C REIT Management, said Wednesday it has entered a facility agreement for a term loan facility of 79 million British pounds for the residential build-to-rent forward funding plan in Manchester, in the U.K., which was announced in August.
Keppel Corp. and Keppel DC REIT
Keppel Corp. said Wednesday the transfer of certain mobile, fixed and fiber assets from M1 Ltd. to M1 Network (M1NPL) and an investment in M1NPL’s bonds and preference shares by Keppel DC REIT have been completed.
GuocoLand said Wednesday that it has tapped two new senior executives: a new chief financial officer and a newly created role of group general manager for asset management.
UOL Group and Wee Investments
Singapore Post (SingPost) said Wednesday it has completed the sale of General Storage Co, and it has received the completion payment of S$87.2 million.
China Everbright Water
China Everbright Water said Wednesday it has applied to the National Association of Financial Market Institutional Investors of the People’s Republic of China (NAFMII) for approval of the possible issuance of up to 2 billion yuan of asset-backed notes to qualified investors in mainland China, under an “asset backed note trust.”
Lianyisheng Supply Chain Services (Wuhan) has been proposed as the promoter of the trust, the company said in a filing to SGX.
Sheng Siong Group
Sheng Siong Group has moved to renew its board, with the resignation of three independent directors and the appointment of three new ones, the supermarket operator said in a filing to SGX Wednesday.
QT Vascular said Wednesday that the attempt by requisitioning shareholders Mission Well and Tansri Saridju Benui to call a repeat extraordinary general meeting (EGM) to re-vote on a new slate of directors previously voted down appears unlikely to proceed.
Far East Group
Far East Group‘s wholly owned subsidiary M-Tech Air-Con & Security Engineering granted Excellence Foodstuff Enterprise an option to purchase a property at 20 Bukit Batok Crescent in Singapore for S$918,888, according to a filing to SGX Wednesday.
“The property is a non-core, aged asset of the group which is currently held as asset held for sale and the disposal will enable the group to realise the value of the property,” the company said.
Chuan Hup Holdings
Chuan Hup Holdings‘ wholly owned Australian subsidiary Ventrade Australia has entered a 50:50 joint venture with BHHP15, an associated company of boutique residential property developer Siera Group, to acquire and develop a land site located in Surfers Paradise, Queensland, Australia, the Singapore-listed company said in a filing to SGX Wednesday.
“The directors believe that the joint venture is a good opportunity for the group to venture into another residential property development project in Queensland, Australia. The joint venture development site is well located adjacent to Surfers Paradise Beach,” Chuan Hup said.
The site, which will be acquired for A$7.56 million, will be developed into a mixed-residential tower, with around 60 apartments, the filing said.
ASTI Holdings, Dyna-Mac Holdings and Colex Holdings
ASTI Holdings‘ CEO Dato’ Loh Soon Gnee will cease to be CEO, effective 31 December, as he is among the affected personnel in the company’s retrenchment exercise, according to a filing to SGX Wednesday.
Intraco and MHC
Intraco said Wednesday its agreement to acquire 51 percent of MHC Singapore, which will take over the assets of MHC Digital, have been amended, with the consideration to be the issuance of 42 million new Intraco shares at S$0.50 each and 58 million warrants, each with the right to subscribe for a new share of the company.
Previously, the consideration had been S$10 million in cash and the issuance of 100 million new shares at S$0.50 a share, a premium to the the market price earlier this month.
MHC Digital is an Australian digital asset platform with licences for related businesses in Australia, Intraco said in a filing to SGX.