Company Briefs : CCT

CCT

CapitaLand Commercial Trust (CCT) has priced an upsized $217.9 million placement of units at $1.676 a unit.

The issue price represents a discount of about 3.2 per cent to the counter's volume weighted average price of $1.7306 on Wednesday.

According to the trust, the private placement was 3.1 times covered and drew strong demand from new and existing institutional, accredited and other investors.

About $214.6 million, or 98.5 per cent, of the gross proceeds will be used to partially finance the acquisition of a 94.9 per cent stake in a prime Frankfurt property, also known as the Galileo Property. The remainder will be used to cover placement-related expenses and working capital.


Midas Holdings

Beleaguered railway-parts maker Midas Holdings said a judicial manager from Jilin Province Qiming Bankruptcy Liquidation has been appointed for one of its wholly-owned subsidiaries, Jilin Midas Aluminium Industries, but he has acted beyond his authority.

Judicial manager QiMing has taken control of Jilin Midas Investments (JMI), even though the Board of Midas group has yet to receive any court order to place JMI under judicial management.

It seems that the manager "has acted beyond his authority by retaining the documents and stamps relating to JMI", Midas said.

Without the necessary documents and stamps of JMI, the change of legal representative from former chairman Chen Wei Ping to current executive director Xu Wei Dong has stalled, it added. "The company is seeking legal advice on this matter."


Gaylin Holdings

Offshore and marine service company Gaylin Holdings said that the group is expected to record a net loss for the fourth quarter and 12 months ended March 31.

The board said that the group now expects an inventory provision of $35 million, an increase of $10 million compared to what it announced on March 23. The $35 million provision is based on an extended and updated assessment of the value of the group's aged inventories by professional valuers and consultants.

A version of this article appeared in the print edition of The Straits Times on May 19, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe