Company Briefs: Acesian Partners

Acesian Partners

A judicial manager of an Acesian Partners subsidiary has filed a writ of summons against the listed company.

Acesian Partners said after the market closed on Tuesday that the writ of summons was served on the company and privately owned Acesian Engineering and Active Building Technologies on Monday.

The additional judicial manager filed this writ of summons together with the subsidiary under judicial management, Acesian Star (S), in Singapore's High Court against the three entities and four key employees of Acesian Partners.

This court filing came after Acesian Partners said last Friday that the High Court has extended the judicial management period for Acesian Star (S) to Nov 15.

DBS Group Holdings

DBS Group Holdings has priced US$750 million (S$1 billion) of 10-year subordinated notes at a coupon of 4.52 per cent under its US$30 billion global medium-term note programme, the bank announced yesterday.

The notes, which are sold at 100 per cent of the principal amount, will be redeemed at par upon maturity on Dec 11, 2028, according to a term sheet.

DBS has a call option to redeem the notes in the fifth year, on Dec 11, 2023. If the notes are not called, the coupon will reset to 159 basis points over the prevailing five-year US dollar mid-swap rate at the call date.

Net proceeds from the issue of the notes, after deducting expenses, are expected to be about US$748 million.

Lee Metal Group

BRC Asia has secured enough acceptances to gain control of 90.45 per cent of Lee Metal Group and will proceed with plans to delist the company.

The deadline for accepting the offer remains at 5.30pm on June 21.

The public float is below the 10 per cent minimum set by the Singapore Exchange, which means trading in Lee Metal will be suspended at the close of the offer.

BRC Asia, a steel prefabrication company, is offering to buy Lee Metal at 42 cents a share. The deal has received the green light from the Competition and Consumer Commission of Singapore. BRC Asia has said it plans to maintain Lee Metal's business and retain existing employees.

A version of this article appeared in the print edition of The Straits Times on June 07, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe