Company Briefs: Bonvests Holdings

Bonvests Holdings

Investment holding company Bonvests Holdings has agreed to sell 10 per cent of its stake in Cordlife Group to Shanghai-listed Nanjing Xinjie Kou Department Store Co for $43.3 million.

The price works out to $1.67 a share, based on the sale of about 25.9 million shares.

Bonvests said yesterday that the share disposal by its subsidiary Coop International will cut its holding from 11.2 per cent to 1.2 per cent of Cordlife Group.

ISR Capital

ISR Capital has signed an agreement with Reo Magnetic to acquire its 40.1 per cent stake in Tantalum Holding (Mauritius) for $26.7 million. This brings ISR Capital's stake in Tantalum Holdings to 60 per cent, following the acquisition of a 19.9 per cent stake announced on June 10.

ISR Capital said the remaining 40 per cent is held by Tantalus Rare Earths, a company incorporated in Germany with shares quoted on the OTC market of the Dusseldorf Stock Exchange.

Tantalum Holding owns 100 per cent of Tantalum Rare Earth Malagasy, which has a permit to explore and develop a concession hosting critical rare earth oxides in Madagascar.

The acquisition will be funded by issuing new ISR Capital shares to Reo Magnetic at 10 cents a piece.

Empire Capital Partners has been appointed corporate advisers for the deal and will also lead and manage a fund-raising exercise for up to $30 million.

Ezion Holdings

Ezion Holdings, provider of offshore marine logistics and support services, has proposed to raise $141.3 million in a rights issue that will help to fit out and repurpose its fleet and provide more operational flexibility.

The firm announced on Thursday that it plans to issue about 487.3 million new shares at 29 cents each, on the basis of three rights shares for every 10 existing shares.

Net proceeds from the rights issue will come in at about $137.5 million.

Separately, the firm announced that it has entered the China offshore windfarm market with the set up of Sinomarine & Teras (Tianjin) Offshore Co with Sinotrans & CSC Holdings.

A version of this article appeared in the print edition of The Straits Times on July 02, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe