SG briefs: First Ship Lease Trust, Koufu, Trendlines, Riverstone, Advanced Holdings

Koufu location at Anchorpoint Mall in Singapore; taken October 2018.Koufu location at Anchorpoint Mall in Singapore; taken October 2018.

Singapore company briefs: First Ship Lease Trust (FSLT), Koufu, The Trendlines Group, Riverstone Holdings and Advanced Holdings.

First Ship Lease Trust

First Ship Lease Trust said it has commenced legal proceedings to claim damages from the charterer of the chemical tanker vessel FSL London due to delays caused by the charterer’s carriage of a particular cargo destined for India, the resulting investigations of the cargo and the vessel being held by customs. 

The memorandum of agreement to sell FSL London to an unaffiliated third party was canceled due to delays in the delivery schedule caused by the customs investigation over the cargo, FSL Trust said in a filing to SGX Monday. The vessel is still being held by local customs authorities in India as investigations are ongoing, the filing said.

Koufu

Dominus Capital will exercise its right to compulsorily acquire the shares of food-court operator Koufu it doesn’t already own at S$0.77 each, the offeror said in a filing to SGX Monday. 

Read more: Koufu receives management-led buyout offer to take company private

The Trendlines Group

The Trendlines Group said Monday it has completed the issuance of 3.52 million new shares to Palm Tree IV LLC at S$0.12 each for a total US$312,500. 

The new shares will be listed on SGX’s Catalist board on 24 March, Trendlines said in a filing to SGX.

Read more: Trendlines to raise S$20.3M in sale of shares to four investors

Riverstone Holdings

Riverstone Holdings said Monday its wholly owned subsidiary Eco Medi Glove has entered a deal to buy six industrial land parcels of a total of around 18.33 acres located at Kawasan Perindustrian Kamunting in Perak, Malaysia from I-R & D Sdn. Bhd. and I-Berhad for a total MYR17.57 million. 

“The acquisition of industrial lands is to support the expansion of production capacity for gloves,” Riverstone Holdings said in a filing to SGX. The consideration was funded via internal resources, the filing said.

Riverstone Holdings is a natural rubber and synthetic rubber glove manufacturer, making healthcare gloves, nitrile gloves, finger cots, face masks and packaging bags.

Advanced Holdings

Advanced Holdings said Monday it entered a non-binding letter of intent (LOI) to sell the property at 30 Woodlands Loop in Singapore, to independent third party Yeo Eng Koon (S) for S$13.2 million. 

The four-storey factory building has been underutilized, with the company only using around 54 percent of the property and subletting around 30 percent, resulting in more costs for upkeep than benefits to the group, Advanced Holdings said in a filing to SGX. 

Yeo Eng Koon (S) is a commercial kitchen equipment maker, the filing said.