SG briefs: Luminor Financial, China Star Food

Purple sweet potatoes. Photo by Rens D on UnsplashPurple sweet potatoes. Photo by Rens D on Unsplash

Singapore company briefs: Luminor Financial Holdings, China Star Food Group and Zixin Group Holdings.

Luminor Financial Holdings

Luminor Financial Holdings‘ wholly owned subsidiary Starland Axis (SAPL) has entered a non-binding memorandum of understanding (MOU) with financial services player PT Adiwisista Daya Pratama (ADP) to subscribe to a US$2 million convertible and exchangeable note, the company said in a filing to SGX Thursday.

Under the deal, the exchangeable note will include: a US$100,000 note convertible into 20 percent of ADI, a company to be incorporated in Indonesia and wholly owned by ADP; and a US$1.9 million note exchangeable into 20 percent of Adiwisista Finansial Teknologi (AFT), which is 90 percent-owned by ADP and which holds a license to operate a peer-to-peer lending platform in Indonesia, according to the filing.

“The alliance with the Adiwisista Group will allow the group to enter the Indonesian market, in line with the group’s strategy to expand its financial services in the region,” Luminor Financial said.

Read Luminor Financial’s filing to SGX.

China Star Food Group and Zixin Group Holdings

China Star Food Group proposed Thursday changing its name to Zixin Group Holdings to consolidate its branding and to match the Chinese-language pronunciation of “the business of purple sweet potatoes.”

“The group intends to expand the sale of its products to Singapore and eventually, other countries in the South-East Asia region such as Malaysia, Indonesia and Thailand. In this regard, the group intends to present and aligned and consolidated branding and identity,” China Star Food said in a filing to SGX.

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