Tung Lok disposes entire 50% stake in T&T Gourmet Cuisine for $1.2 mil

SINGAPORE (June 19): Tung Lok's wholly-owned subsidiary, Tung Lok Millennium (TLM), is disposing its entire 50% stake in T&T Gourmet Cuisine for $1.15 million.

T&T is a joint venture company set up by TLM and Maker Food Manufacturing (MFM), a wholly-owned subsidiary of Tee Yih Jia Food Manufacturing (TYJ).

TYJ is a controlling shareholder of Tung Lok, with a 19.51% stake. The purchaser is Maker Food Manufacturing (MFM).

This disposal is expected to be completed in 30 business days.

Adventus sells partial JV stake in Danang project for $1.5 mil upon facing 'some difficulties'

SINGAPORE (May 22): Adventus Holdings is selling back a 45% stake in ADV S3 to its former joint venture (JV) partner, Tran Hoang Anh Tuan, for US$1.1 million ($1.5 million).

ADV S3 is an investment holding company established for the development and sale of a residential project in Danang, Vietnam.

iX Biopharma disposes of Australian lab testing business for $12 mil after 2Q losses

SINGAPORE (Feb 18): iX Biopharma is selling Chemical Analysis, its laboratory testing business in Australia, to Eurofins Australia New Zealand Holding for A$12.5 million ($12 million).  

The consideration is about $10.6 million and $10.84 million over the book value and its net tangible asset value (NTA) of the sale shares, and translates to a net gain on disposal of about $10.4 million.

FHT said to put up Sofitel Sydney Wentworth for sale

SINGAPORE (Jan 29): Frasers Hospitality Trust (FHT) is putting up Sofitel Sydney Wentworth for sale at a time over A$1 billion worth of hotels are expected to change hands, according to The Australian.

Sofitel Sydney Wentworth is one of the last dowager hotels in Sydney and is said to be worth more than A$400 million ($388.4 million).

FHT first acquired the Sofitel Sydney Wentworth in 2014 for A$202.7 million. The hotel has 436 rooms, a restaurant, club lounge and conference facilities as well as one of Sydney’s largest pillarless ballrooms.

Keppel divests 70% interest in Dong Nai Waterfront City for $136 mil

SINGAPORE (Jan 28): Keppel Corporation announced that a wholly-owned subsidiary Keppel Land Limited (KLL), Portsville, is divesting a 70% interest in Dong Nai Waterfront City (DNWC) to Nam Long Investment Corporation for a consideration of VND 2,313 billion ($136 million).

DNWC is a company incorporated under the laws of Vietnam and had been granted the right to develop a township in Dong Nai Province.

CVC exploring options for funeral provider Nirvana: source

(Dec 20): Private equity firm CVC Capital Partners is exploring options for Asia’s largest funeral services provider Nirvana Asia Ltd, including a possible sale, and a deal could be worth more than US$1.8 billion, a source familiar with the matter told Reuters.

The talks are still in early stages and there has been strong interest from a number of parties, including infrastructure investors, sovereign wealth funds and private equity, the source said on condition of anonymity as the information is confidential.

Sale of 55 Market Street opens more doors for Frasers Commercial Trust, says DBS

SINGAPORE (July 11): DBS Vickers Securities is positive on Frasers Commercial Trust’s (FCOT) recent disposal of its commercial property at 55 Market Street, highlighting the move as one that unlocks value and opportunities for capital recycling.

China Aviation Oil to dispose remaining 39% stake in associate via listing-for-sale

SINGAPORE (June 19): China Aviation Oil (CAO) intends to divest its entire remaining 39% stake in its associated company China Aviation Oil Xinyuan Petrochemicals, a limited liability company in China.

As a subsidiary of Chinese state-owned enterprise China National Aviation Fuel Group, CAO says the latest and final disposal of its equity stake in Xinyuan will be made by way of a listing-for-sale through China Beijing Equity Exchange.

Raffles Education cancels plans for $84 mil sale of unit's Australia property

SINGAPORE (June 6): Raffles Education Corporation (REC) will no longer be disposing of its unit’s property located at 1-3 Fitzwilliam Street, Parramatta, New South Wales, Australia, to Propertylink (Holdings) Limited (PHL).

The six-storey commercial building – part of which was being leased out by REC’s wholly-owned subsidiary Raffles Assets Australia (RAAPL) to another subsidiary of the group, Raffles College – was expected to sell at consideration of A$82 million ($83.6 million).

Beng Kuang to sell loss-making subsidiary's vessels for $6.3 mil

SINGAPORE (June 5): Beng Kuang Marine’s wholly-owned subsidiary, PT Marina Shipping (PTMS), has agreed to sell four sets of its tugs and barges to Indonesian company PT Quanta Indonesia for a total of $6.3 million.  

Currently, PTMS, which charters tugs and barges mainly in Indonesia, owns a fleet of vessels comprising eight tugs and six barges that are all flagged in Indonesia.

Beng Kuang was granted a waiver on April 10 from SGX, which allows the group to proceed with the sale of the four sets of tugs and barges without having to obtain shareholder approval.

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