SG briefs: SPH, Singtel, City Developments, LS 2 Holdings, TalkMed

Singtel store in Raffles City Mall in Singapore; taken August 2018.Singtel store in Raffles City Mall in Singapore; taken August 2018.

Singapore company briefs: Toyota Financial Services Singapore (TFSSG) and Singapore Press Holdings (SPH), Singtel and Bharti Airtel, City Developments, LS 2 Holdings and TalkMed Group.

Toyota Financial Services Singapore and SPH

A consortium led by Toyota Financial Services Singapore (TFSSG) has entered a deal to acquire all of sgCarMart, an online auto sales platform, from Singapore Press Holdings (SPH) for S$150 million, according to a filing to SGX Friday.

The all-cash deal also includes Singapore consumer-to-business online car auction platform Quotz and Quotz (Taiwan), the filing said.

The consortium is 76 percent-held by TFSSG, with minority partners Toyota Tsusho Asia Pacific and Phillip Binter, the filing said. 

Read SPH’s filing to SGX.

City Developments

City Developments said Friday its indirect wholly owned subsidiary CDL Hotels (Korea) has completed the sale the Millennium Hilton Seoul and adjoining land to IGIS Asset Management for KRW1.1 trillion, or around S$1.25 billion. 

The company said it would recognise an estimated gain of around S$528.83 million, net of taxes and transaction costs. Around S$29.53 million of the estimated gain was recognised in 2021, with the remainder to be recognised in 2022, the property developer said in a filing to SGX.

Read more: City Developments to divest Millennium Hilton Seoul for around S$1.26B

Singtel and Bharti Airtel

Bharti Airtel has entered a deal to acquire 4.7 percent of Indus Towers from Vodafone, according to a statement filed to SGX Friday. 

“With the likely introduction of 5G in the future, we believe a lot more infrastructure would be required in which Indus Towers, an undisputed leader, has a significant role to play and partake the potential growth in the business,” Airtel said in the statement. 

Singtel holds around 31.76 percent of Airtel, as of October 2021.

Read Bharti Airtel’s statement.

LS 2 Holdings

LS 2 Holdings said Friday it wasn’t aware of any material information not previously announced or any other possible explanation which might explain the price and volume movements of its shares since the trading debut Thursday. Shares of LS 2 Holdings ended Friday up 1.14 percent at S$0.89, compared with its IPO price of S$0.20. 

The company said in a filing to SGX responding to the “trade with caution” alert raised by SGX RegCo, it has requested a list of shareholders from the Central Depository of Singapore and its share register on a daily basis. SGX RegCo had cited a concern the number of issued shares in public hands may have fallen below 10 percent given strong volume since Thursday’s listing. 

Read more: LS 2 Holdings surges on debut, spurring SGX trading warning

TalkMed Group

TalkMed Group said Friday it has submitted an application to transfer its listing to SGX’s mainboard from Catalist. 

“The directors believe that public investors tend to accord a premium to Mainboard-listed companies as compared to companies listed on the Catalist. Accordingly, listing on the Mainboard would provide the company with greater visibility and recognition in the capital markets and amongst public investors, which could result in better liquidity and improve the performance of its shares,” TalkMed said in a filing to SGX. 

Read TalkMed’s filing to SGX.