Singapore-listed Reyoung Pharmaceutical <REPL.SI> jumped as much as 21% on Wednesday following its plan to delist from the stock exchange. China-based Reyoung’s shares were traded at 52 cents a share, slightly below its exit price of 53 cents.
{jcomments on}
Hongkong Land today announced that the exit offer to stockholders of MCL Land is now unconditional. This follows the passing of the resolution at the Extraordinary General Meeting of MCL Land held today to approve the proposed voluntary delisting of MCL Land from the Singapore Exchange.
For stockholders who have already accepted the exit offer of $2.45 per share, payment will be made by Dec 3. For stockholders who accept the exit offer from today until the closing date, payment will be made within 10 days of the receipt of their acceptance. The closing date of the exit offer is 5.30 p.m. on Dec 7.
If stockholders wish to accept the exit offer they must complete and sign the relevant acceptance forms and return them no later than 5.30 p.m. on Dec 7 to The Central Depository (CDP) (for the stock units deposited with CDP) or M & C Services (for the stock units not deposited with CDP).
Following the passing of the delisting resolution, the expected date for the delisting of the MCL Land stock units is Dec 21.
Hongkong Land Holdings is one of Asia’s leading property investment, management and development groups with premium commercial and residential property interests across the region and a member of the Jardine Matheson group.
The group owns and manages some five million sq. ft of commercial space in Hong Kong that defines the Central Business District, while in Singapore it has a significant interest in a number of major developments. Its 79%-owned affiliate, MCL Land, is a Singapore-listed residential developer.
{jcomments on}
IDT Holdings Singapore (I05.SG) last +10.4% at 3-year high of $0.53, closing in on $0.54/share price offered by parent IDT International (0167.HK) to take company private, says Dow Jones.
Volume remains thin despite gains, although not surprising as investors generally wary of company given its money-losing streak.
OCBC Investment Research suggests investors accept offer: “While we like Soilbuild’s focus on capital management and the budding stream of recurrent rental income that will support dividends, this offer presents an opportunity for shareholders to cash out of a fairly illiquid investment at reasonably attractive terms.”
Offer, made through Lim’s investment vehicle Dolphin Acquisitions, values Soilbuild at around $418 million.
Dolphin, together with other shareholders agreeing to delisting offer, now owns 73.09% of company.
Independent financial adviser will be appointed in due course to advise Soilbuild, minority shareholders.
MCL Land (M25.SG) +25.1% at $2.44, highest since November 2007, closing in on parent Hongkong Land’s (H78.SG) $2.45/share offer to take developer private due to historically low trading liquidity, according to Dow Jones.
“By becoming a wholly-owned subsidiary of Hongkong Land, it could help (in) re-branding MCL Land’s projects under the HKL brand name, which appears to be more recognized in the market,” says JPMorgan, which has no rating on MCL; “as MCL Land is a relatively illiquid stock, it may not be cost efficient after all to have two listed vehicles with overlapping geographical exposure in Singapore and Malaysia.”
Offer values MCL at about $906 million, with Hongkong Land paying about $205 million for remaining 22.6% stake in doesn’t already own. Employees Provident Fund Board of Malaysia, which owns 4.7% of MCL, has agreed to sell its stake.
{jcomments on}
SGX-listed Eastern Asia Technology, the maker of speakers and digital audio-video (AV) products, says it has received a delisting proposal from DJR International, a company largely owned by Eastech’s founder and CEO Liou Jenq Lin and his family.
DJR and the parties acting in concert with it collectively own 30.41% of Eastech’s total issued share capital of 454,237,246 ordinary shares.
Under the delisting proposal, DJR will make an exit offer of 13.8 cents in cash for each offer share.
Singapore Exchange (SGX) today ordered the delisting of FM Holdings from Catalist as the company has failed to engage a sponsor for more than three continuous months as required by Catalist rules. This is the first time a Catalist-traded company has been asked to do so since the market was established in February 2008.
Catalist, a sponsor-supervised listing platform, requires its companies to have a sponsor at all times. The responsibilities of sponsors are to supervise and advise Catalist companies on corporate governance matters and compliance with the Catalist rules.
Wheelock Properties Singapore (M35.SG) +2.1% at $1.99, bucking declines by other developers (FTSE ST Real Estate Holding & Development Index off 1.5%), on hopes company may be taken private after parent Wheelock Properties (0049.HK) reveals its own major shareholder plans to delist HK unit according to Dow Jones.
Samta Hotels, which belongs to the Ng family, the controlling shareholder of Furama, is making a voluntary unconditional cash offer for all the Furama shares it does not own at $2 each. The Ng family holds a total of about 103 million or 66.6% of Furama shares directly or through Samta.
Furama is an investment holding company focusing on the hospitality industry. The group owns the Furama RiverFront Hotel (formerly the Apollo Hotel Singapore) and the Furama City Centre Hotel (formerly the Furama Hotel Singapore). Furama also holds a 13% interest in the Grand Hyatt Hotel in Taipei and the company also entered into joint ventures with various Thai partners and invested in four hotel properties in Bangkok.
Mitsubishi UFJ Securities (Singapore) says its exit offer, for and on behalf of Fair Link Investments, for all the shares of Tsit Wing International Holdings, has lapsed.
MUFJSS says this was because the delisting resolution was voted against by more than 10% of the total number of shares held by shareholders present at the Special General Meeting held on 2 September.
{jcomments on}
