LifeBrandz, which recently closed all its Clarke Quay bars and restaurants, is going into the healthcare business.
The mainboard-listed company said it had agreed to acquire four health-related companies from Healthtrends Medical Investments for $100 million.
The valuation was based on a total net profit of $6 million to be delivered by the four companies - at price earnings of 16.6 times.
These companies, including Singapore-based Sloane, are engaged in the business of operating medical aesthetic clinics in Singapore, Malaysia, Hong Kong, Vietnam and other Asian markets.
LifeBrandz will pay for the stakes by issuing 10 billion new shares to Healthtrends Medical.
This is effectively a reverse takeover as the latter will end up with a stake of about 76.6 per cent in LifeBrandz.
Property developer Oxley Holdings has agreed to acquire a 20 per cent stake in the enlarged share capital of Galliard Group, a leading British developer which trades as Galliard Homes, for £50 million (S$106.8 million).
Oxley said Galliard Homes is London's largest privately owned residential developer and the second-largest house builder in the capital. It has over £1.6 billion worth of forward sales, with nearly 6,000 residential units under construction.
The group has sites in planning with a completed value of £2 billion.
Oxley chairman and chief executive officer Ching Chiat Kwong and deputy CEO Low See Ching will be appointed investor directors to the board of Galliard Group.
Mr Stephen Conway, who is the founder of the Galliard Group, will continue as chairman and CEO of the Galliard Group.
Cosco Corp (Singapore)
Cosco Corp (Singapore) yesterday warned of a net loss for the second quarter ended June 30. The anticipated loss is mainly attributable to:
• the low crude oil prices over recent months which have had an adverse impact on the global offshore marine industry;
• the languid dry-bulk shipping market, which has brought great pressures to the company's dry-bulk fleet operations; and
• the slump in the shipbuilding market, which has negatively impacted the company's shipyards.