Singapore companies in focus on Thursday, 30 December 2021:
- Keppel O&M in talks with Borr Drilling on deferring debt maturities
- Keppel enters deal to acquire 49 percent of Bangalore office project it doesn’t already own
- Koufu receives management-led buyout offer to take company private
Others: Mapletree Commercial Trust, Mapletree North Asia Commercial Trust (MNACT), Yoma Strategic Holdings, Yangzijiang Shipbuilding (Holdings), Ezion Holdings, Lippo Malls Indonesia Retail Trust (LMIRT), Halcyon Agri Corp., Raffles Infrastructure Holdings
Mapletree Commercial Trust and Mapletree North Asia Commercial Trust
Units of Mapletree Commercial Trust and Mapletree North Asia Commercial Trust (MNACT) remained halted for two trading days, Tuesday and Wednesday, pending an announcement.
Keppel Corp. and Borr Drilling
Keppel Corp.’s Keppel Offshore & Marine is in talks with Borr Drilling on deferring the scheduled delivery and payment of five jackup rigs to 2025 from 2023, but no definitive agreement has been reached, the Singapore-listed rig-builder said Wednesday in a filing to SGX.
Food court operator Koufu has received a management-led buyout offer of S$0.77 a share to take the company private, according to a filing to SGX from the offeror.
Keppel Corp.’s Keppel Land is acquiring the 49 percent it doesn’t already own of a commercial office project in Yeshwanthpur, Bangalore, India, called the Metro Project, from Puravankara Ltd. for 1.16 billion Indian rupees, or around S$21.1 million, the Singapore-listed company said in a filing to SGX Wednesday.
Yoma Strategic and Ayala Corp.
Yoma Strategic Holdings has entered a new agreement with Ayala Corp.’s indirect wholly owned Singapore subsidiary VIP Infrastructure Holdings to restructure the second tranche of its investment into the Myanmar-based company, Yoma said in a filing to SGX Wednesday.
Yangzijiang Shipbuilding (Holdings)
Yangzijiang Shipbuilding (Holdings) said Wednesday that via its wholly owned subsidiary Jiangsu New Yangzi Shipbuilding, it has disposed of its entire 30 percent interest in Zhuhai Interconnect Leading High-Tech Industrial Investment Center (ZILHT) and Zhuhai Leading Power Asset Management Center (ZLPAM) to an independent third party.
Ezion Holdings has determined the company is unable to pay its debts and is cash-flow insolvent, and that liquidating the company is in the best interests of its creditors, the jack-up liftboat charterer said in a filing to SGX Wednesday.
Lippo Malls Indonesia Retail Trust
Lippo Malls Indonesia Retail Trust said Wednesday it has obtained waivers of financial covenants for the ratio of consolidated net property income to consolidated interest expense for three loan facilities.
“Despite the vaccination progress and the cautious re-opening of Indonesia to visitors, the Covid-19 pandemic has a prolonged impact and its ill-effects on the economy are recurring. With the detection of a new Covid-19 variant, Omicron, the government may at their
discretion reinstate emergency public activity restrictions in order to prevent resurgence of Covid-19 infection cases,” LMIR Trust said as its reasoning for seeking the waivers.
Halcyon Agri Corp.
Halcyon Agri Corp.’s 70 percent-owned indirect subsidiary Tropical Rubber Côte d’Ivoire S.A. (TRCI) has entered a deal to sell 54.5 hectares of land on the outskirts of Abidjan in Cote d’Ivoire to four buyers for around US$19 million in cash, the company said in a filing to SGX Wednesday.
As of end-2020, the book value of the land was around US$303,000, while a desktop valuation of the from independent valuers put the market value as around US$17.7 million to US$26.1 million, the filing said. An around US$10.6 million gain is expected on the disposal, the company said.
“The freehold land is situated in a strategic area that is slowly changing from agricultural-focused site to one that features more urban characteristics,” Halcyon Agri said. “The disposal of non-core and undeveloped land is part of the group’s deleveraging plan to strengthen its capital structure, with the objective of investing the proceeds from such disposal for future growth of the group’s core businesses.”
Geo Energy, Jiutian Chemical, Miyoshi, Second Chance, JB Foods, QT Vascular, Frencken
Singapore substantial shareholder changes: Geo Energy Resources, Jiutian Chemical Group, Miyoshi, Second Chance Properties, JB Foods, QT Vascular and Frencken Group.
Yangzijiang, Mapletree North Asia Commercial, Frasers Centrepoint
Singapore companies announcing executive changes: Yangzijiang Shipbuilding (Holdings), Mapletree North Asia Commercial Trust and Frasers Centrepoint Trust.
Raffles Infrastructure Holdings
Raffles Infrastructure Holdings said Wednesday it incorporated a wholly owned subsidiary in Singapore, called Raffles Digital Infrastructure, for the development of software, hosting and management of big data.
“The new subsidiary is incorporated for the purpose of conducting a new stream of business focusing on digital infrastructure related projects which includes Software as a Service (Saas), Imports/Exports (EXIM), Platform as a Service (Paas) and Internationalisation Advisory Service,” Raffles Infrastructure said in a filing to SGX.
SPH, Tianjin Zhong Xin Pharmaceutical, Envictus International
Singapore companies announcing executive changes: Singapore Press Holdings (SPH), Tianjin Zhong Xin Pharmaceutical Group and Envictus International Holdings.