SG briefs: Wing Tai, ARA Logos Logistics Trust, Pacific Star, Digilife Tech

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Singapore company briefs: ARA LOGOS Logistics Trust, Digilife Technologies, Pacific Star Development and Wing Tai Holdings.

Wing Tai Holdings

Wing Tai Holdings‘ wholly owned subsidiary Wing Tai Malaysia has disposed of the leasehold land and five-storey factory building at 166-A Rifle Range Road in Pulau Pinang, in Malaysia, to Dapper Corp. and Chiao Huat for MYR17.5 million, or around S$5.6 million, the property developer said in a filing to SGX Monday. 

The net book value of the property is around MYR13.7 million, or around S$4.4 million, at fair value, Wing Tai said.

ARA LOGOS Logistics Trust

ARA LOGOS Logistics Trust has received a writ of summons for a claim at the property located at 2 Fisher Port Road in Singapore, known as the ALOG Cold Centre, the trust said in a filing to SGX Monday. 

The claim, which is for around S$8 million plus interest and costs, is related to an incident in September 2021 which resulted in damages to parts of the premises previously leased by TheSeafoodCompany, which was a tenant of the property, ALOG said. 

“Legal counsel has been engaged to advise on this matter. The manager has also commenced discussions with its insurers regarding the claim,” ALOG said, adding it didn’t expect the claim to have a material impact on its earnings.

Digilife Technologies

Digilife Technologies said Monday it received shareholder approval to acquire 71 percent of Stradbroke Investments from TG Holdings HK for S$7.65 million to be paid in shares, diversifying its business into property investment and management.

Stradbroke Investments owns all of Smart Innovation Global and Stradbroke Ventures PNG, and 51 percent of digital application company HYLF, Digilife Technologies said in a filing to SGX. Smart Innovation Global’s main asset is a five-storey, multipurpose building at Ubi Avenue 4 in Singapore, the filing said. Stradbroke Ventures PNG, based in Papua New Guinea, is engaged in timber and gold trading and fisheries, the filing said.

Read Digilife Technologies’ filing to SGX.

Pacific Star Development

Pacific Star Development said Monday its loan facility agreement with OL Master (Singapore Fund 1), Orchard Landmark II (Singapore Fund 1) and OCP Asia Fund III (SF 1) has been amended to S$32.178 million from S$30 million previously. The S$30 million loan has been fully utilized, the company said in a filing to SGX.

Pacific Star Development will apply the additional S$2.178 million toward operating expenses and working capital requirements, or other purposes approved by the lenders, the filing said. 

Read more: Pacific Star Development amends loan facility with OCP Asia with higher interest rates

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