SingXpress to diversify into US real estate, names Neil Bush as chairman designate
SINGAPORE-BASED developer SingXpress Land will appoint Mr Neil Bush - the brother of the immediate past US President George W Bush - as its chairman following a proposed share placement.
Mr Bush will be a strategic investor.
The group has proposed a rights issue and share placement to raise $226.5 million, and will also change its name to SingHaiyi Group, it said in a statement today.
"SingHaiyi is first proposing a one-for-one renounceable non-underwritten rights issue of approximately 13 billion new ordinary shares at 1.5 Singapore cents each on the basis of one rights share for every existing share in the company," the group said.