privatisation

Cityneon gets EDBI boost as it looks to break into new markets

SINGAPORE (Aug 26): Cityneon Holdings, which was delisted from the Singapore Exchange (SGX) and privatised earlier this year, has gotten a shot in the arm from the investment arm of the Singapore Economic Development Board.

Cityneon executive chairman and group CEO Ron Tan tells The Edge Singapore that EDBI’s share in the company will amount to about 2.3%.

UOB and OCBC favoured for growth and valuation; Sunningdale, Fu Yu touted as yield and privatisation plays

SINGAPORE (July 15): On July 8, construction company Lian Beng Group announced that it had won contracts worth $235 million to build a logistics centre at Boon Lay. The company’s net construction order book now stands at about $1.5 billion. That is about 58% higher than the $947 million at the end of its last financial year ended May 31, 2018.

UOB and OCBC favoured for growth and valuation; Sunningdale, Fu Yu touted as yield and privatisation plays

SINGAPORE (July 15): On July 8, construction company Lian Beng Group announced that it had won contracts worth $235 million to build a logistics centre at Boon Lay. The company’s net construction order book now stands at about $1.5 billion. That is about 58% higher than the $947 million at the end of its last financial year ended May 31, 2018.

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The voluntary delisting rules and privatisation through general offers

SINGAPORE (July 11): Singapore Exchange (SGX) serves the needs of listed companies by providing a public platform for fundraising activities and information dissemination to their shareholders. Where companies wish to privatise, they may apply to SGX to be delisted.

A delisting reduces the exit channels for shareholders who remain invested in what is now a private company. As such, companies implementing a Voluntary Delisting are subject to certain requirements to safeguard investor interest.

The SGX Listing Rules stipulate that SGX may agree to a Voluntary Delisting if:

Is SIA Engineering’s share price spike an indication of possible privatisation?

SINGAPORE (July 8): Could SIA Engineering (SIAEC) be the next local stock to be taken private by parent Singapore Airlines (SIA) given its recent share price volatility and heightened activity in the local M&A and privatisation space?

Before noon last Friday, SIAEC announced in a filing it was not aware of any information that might explain the jump in its share price over Thursday and Friday morning.

This was in response to an unusual price movement query from the Singapore Exchange (SGX) issued less than an hour after the market opened that morning.

800 Super's independent adviser says shareholders should accept Lee family's offer

SINGAPORE (June 10): 800 Super Holdings says independent financial adviser (IFA) Novus Corporate Finance considers the privatisation offer from its controlling Lee family to be “fair and reasonable”.

See: 800 Super gets 90 cents per share privatisation offer from KKR

Hong Leong Asia to take cement maker Tasek private

KUALA LUMPUR (May 29): Singapore-listed Hong Leong Asia (HLA), which controls about 80.8% of cement maker Tasek Corp via two wholly-owned subsidiaries, wants to take Tasek Corp private in a deal worth an estimated RM128.61 million, based on the offer price of RM5.50 for every ordinary as well as preference share.

This is the second takeover exercise involving a cement company in the last month, after YTL Corp’s unit, YTL Cement, acquired stakes in Lafarge Malaysia for RM1.63 billion or RM3.75 per share.

Memtech offered $1.35/share to delist by executive chairman-led consortium

SINGAPORE (May 14): Memtech International has received an offer by M-Universe to privatise and delist at $1.35 per share.

M-Universe is the bid vehicle for a consortium formed by Memtech’s executive chairman Chuang Wen Fu and his family; Keytech Investment, an investment holding company that the Chuang Family holds interest in; and Universal Global Technology.

The offer price represents a premium of 23.9% over the May 10 close of $1.09, before the group called for a trading halt.

800 Super gets 90 cents per share privatisation offer from KKR

SINGAPORE (May 6): Environmental services provider 800 Super Holdings has received a 90 cents per share cash offer from 8S Capital Holdings with the intention to delist.

8S Capital is wholly owned by American investment firm Kohlberg Kravis Roberts & Co (KKR).

The deal will be funded by KKR with a combination of debt and structured financing to 8S Capital, primarily from pools of capital including KKR’s Private Credit Opportunities II fund and proprietary investment vehicles.

Keppel T&T 3Q earnings down 12.3% to $11.8 mil on higher operating expenses, lower other income

SINGAPORE (Oct 17): Keppel Telecommunications & Transportation (Keppel T&T) announced that its 3Q18 earnings have dropped by 12.3% to $11.8 million, compared to $13.5 million in 3Q17.

In 9M18, earnings saw a 32.4% increase to $47.2 million from $35.7 million in 9M17.

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