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.
It will also place 2.2 billion shares at 1.5 Singapore cents each to Acquire Wealth, which is 70 per cent-owned by managing director Gordon Tang, and 30 per cent-owned by Mr Bush and his spouse.
The group will appoint Mr Bush as chairman and non-executive director of SingHaiyi following the completion of the share placement, and will use the net proceeds to pursue property investments in the United States.