SingHaiyi undertakes rights issue to raise $143 mil in net proceeds

SingHaiyi undertakes rights issue to raise $143 mil in net proceeds

By: 
PC Lee
27/12/17, 10:54 am

SINGAPORE (Dec 27): SingHaiyi Group is selling up to 1.435 billion new shares at 10 cents each.

The issue price of 10 cents represents a discount of 11.8% to the theoretical ex-rights price of 11.3 cents each, says the property group in a Tuesday night filing.

As at 10.50am, shares in SingHaiyi are trading at 12 cents.

The rights issue is to raise proceeds to pursue property investments and for general corporate and working capital purposes.

Shareholders will be entitled to one rights share for every two existing shares held.

SingHaiyi says the rights issue will help to strengthen the group’s financial position by augmenting the group’s balance sheet and capital base, and reducing the net gearing of the group.

About 70% to 90% of the net proceeds of $143.16 million will be used for property investments while 10% to 30% will be for generate corporate and working capital.

Haiyi Holdings, wholly-owned by SingHaiyi's controlling shareholders Gordon Tang and wife Celine that owns 1.61 billion shares or a 56.17% stake, has provided an irrevocable undertaking to subscribe to its entitled rights shares.

Najib arrested for alleged tampering of 1MDB report

SINGAPORE (Dec 10): Malaysia’s ex-prime minister, Najib Razak, has been arrested yet again by the Malaysian Anti-Corruption Commission (MACC). But this time, over the “tampering” of the 1Malaysia Development Berhad (1MDB) final audit report. Najib arrived at the MACC headquarters earlier today at 10.40am, apparently to assist in investigations regarding the above allegations. He was later arrested at about 11.00am. At around 1.20pm, Najib was released after posting bail. MACC is believed to charge Najib and former 1MDB president Arul Kanda this Wednesday over the alleged tamperi....
Read More >>

Singapore authorities block New Noble listing

SINGAPORE (Dec 10): The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) have barred Noble Group from transferring its listing status to New Noble as part of its restructuring process. This comes after a “careful review” of the findings to-date from the ongoing investigations into the commodities trader and its Singapore-incorporated subsidiary Noble Resources International (NRI). According to a joint statement by MAS, the Commercial Affairs Department (CAD) and SGX RegCo, the decision to block the New Noble listing arose from doubts about New Noble’....
Read More >>

Balancing profit and motive

SINGAPORE (Dec 10): On Dec 5, the UK government published a trove of internal Facebook emails and other documents that suggested the social media platform sought to trade users’ data with advertisers, or wield it for strategic advantage with third-party applications. Facebook has been under increasing scrutiny amid privacy concerns, and the backlash to the news was to be expected. In its defence, Facebook said it was seeking a way to ensure the sustainability of its business. As a business, Facebook should indeed be looking for the best way to monetise or leverage its assets — users’ ....
Read More >>
Active management can deliver attractive returns amid tightening liquidity, says Charles Schwab

SINGAPORE (Dec 10): In the last few years, passive fund management has become increasingly popular a