Cheung Woh Technologies
Cheung Woh Technologies, a manufacturer of precision components in hard drives, has entered into two sale and purchase agreements to offload its entire 31.34 per cent stake in Jiangsu Tysan Precision Engineering to Chinese companies Changshushi Zhongjin Industrial Investment and Changshushi Xuhong Trading in a deal worth 68 million yuan (S$13.9 million).
Cheung Woh said it will sell 15.34 per cent of its stake in Tysan Precision to Changshushi Zhongjin, with the remaining 16 per cent going to Changshushi Xuhong.
The amount took into account Tysan Precision's net asset value as of July 31, and a dividend declared in August.
Cheung Woh is exiting the Chinese car industry amid increasing competition, and the disposal will enable the firm to "realise cash and unlock the value in the company's investment".
Sembcorp Industries
Sembcorp Industries has raised its stake in the Singapore consortium holding a controlling stake in the developer of Vietnam-Singapore Industrial Park projects.
The group, through its wholly owned subsidiary Sembcorp Development, has entered into a sale and purchase agreement to buy an additional 3.7 per cent equity interest in Vietnam Singapore Industrial Park Pte Ltd (VSIPPL) for US$6.9 million (S$9.3 million). This brings its total stake in VSIPPL to 96.6 per cent.
VSIPPL represents the Singapore consortium that holds a 51 per cent stake in the developer of the Vietnam-Singapore Industrial Park projects, known as Vietnam Singapore Industrial Park Joint Venture Co.
The acquisition of the shares from a minority shareholder is expected to be completed by the end of this month, and will be funded internally.
OUE Lippo Healthcare
OUE Lippo Healthcare said any evaluation on a prime plot of land in Kuala Lumpur is exploratory and preliminary, and no decision has been made on whether to sell the land or change its development plans.
It said this yesterday in response to Monday's reports in The Edge newspaper, which said the healthcare services and facilities provider formerly known as International Healthway Corp was "shelving" plans to develop the site and considering a sale. The 50,860 sq ft site sits near the Petronas Twin Towers and Jalan Bukit Bintang in the Malaysian capital.
