Singapore company briefs: GuocoLand, TOTM Technologies, Koufu, Natural Cool Holdings and Envictus International Holdings.
GuocoLand said Wednesday a tender submitted by its wholly owned subsidiary GuocoLand (Singapore) along with Intrepid Investments and TID Residential for a land parcel at Lentor Hills Road was accepted by the Urban Redevelopment Authority at a bid price of S$586.59 million.
A residential development of around 600 units is planned for the site, which is located near the Lentor MRT station, GuocoLand said in a filing to SGX.
GuocoLand (Singapore) will hold 30 percent of the project, while Intrepid, a wholly owned subsidiary of Hong Leong Holdings, will hold 50 percent, and TID Residential, an indirect subsidiary of Hong Leong Investment Holdings, will hold the remainder, the filing said.
The offer to acquire all of Singapore food court operator Koufu‘s shares has turned unconditional, with the offeror, Dominus Capital, receiving valid acceptances by around 498.33 million shares, representing around 90.13 percent of the total shares, according to a filing to SGX Thursday.
Dominus Capital said it would proceed to compulsorily acquire the remaining shares and then delist the company.
TOTM Technologies said Wednesday it entered a non-binding memorandum of understanding (MOU) with Presight AI to develop and deploy proprietary technologies to promote digital transformation and biometric and AI services to partners and clients in Southeast Asia, the Middle East and Africa.
Presight AI, which focuses on digital government, public safety, transportation and financial sectors, is a wholly owned subsidiary of Group 42 Holding, an AI and cloud computing group based in Abu Dhabi, the TOTM said in a filing to SGX.
Natural Cool Holdings
Natural Cool Holdings said Thursday it has completed its acquisition of 51 percent of iFocus. The shares of iFocus were transferred to Natural Cool’s wholly owned subsidiary Futura Innovation, the company said in a filing to SGX.
Envictus International Holdings
Envictus International Holdings said Wednesday it entered three separate agreements to sell thee lots of vacant industrial land located in the Selangor Halal Hub in Pulau Indah in Selangor to Malaysian logistics service provider Syarikat Logistik Petikemas for a total of 35.83 million ringgit.
“The proposed disposal is a monetization of non-core asset and represents a good opportunity to dispose of and realise the capital appreciation of the land which is currently vacant and is not being used by the group. The offer made by the purchaser was also the only available offer for the land and was close to the most recent transacted prices for vacant land in Pulau Indah,” Envictus said in a filing to SGX.
Part of the proceeds will be used to repay term loans and for working capital requirements, the company said.
Envictus International is a food and beverage company, offering trading and frozen food, including the Pok Brothers brand, food processing and dairies. The food services segment operates the Texas Chicken and San Francisco Coffee brands.