Company Briefs: C&G Environmental Protection Holdings

C&G Environmental Protection Holdings

Mainboard-listed C&G Environmental Protection Holdings has entered into a $400 million proposed deal with Param Mitra Coal Resources, which would result in a reverse takeover of the former by India's Sainik-Aryan Group, a coal energy company.

Param Mitra Coal Resources is backed and managed by the Sindhu family, which owns leading India-based coal, logistics and power player Sainik-Aryan Group.

C&G, which has become a shell company after selling its previous business, said it "believes that the proposed transaction will provide an opportunity for the company to remain listed and to acquire a new business that has potential for growth".

Under the proposed deal, C&G will allot new shares to Param Mitra Coal Resources.

Param Mitra Coal Resources holds 100 per cent of Param Mitra Coal Resources One, Param Mitra Coal Resources Two, and Dragon Power Investments. It also holds a 76 per cent stake in Unity Holding Business Singapore.

These target companies are focused on mining and trading of thermal coals sourced from various coal mines in Indonesia.

Global Yellow Pages

Global Yellow Pages (GYP) said its subsidiary has entered into a conditional agreement to invest in proptech company FundPlaces by subscribing for new shares representing about 50.11 per cent of the company for $2 million.

FundPlaces uses blockchain technology to operate an online platform which allows investors to invest in the development, financing and ownership of real estate projects globally.

In its filing to the Singapore Exchange, GYP said it plans to seek additional investors to invest alongside the firm for the proposed subscription by getting these additional investors to obtain a stake in its subsidiary.

"In the interests of time and to avail itself of this strategic opportunity to invest in FundPlaces ... the company has decided to first proceed with the proposed subscription," it said. After completing the first tranche of subscription for about $500,000, it plans to get more investors in before the completion of the second and subsequent tranches of subscription.

Prior to GYP's subscription, the sole shareholder of FundPlaces was Rems Advisors, a Singapore-incorporated company which engages in real estate research and consultancy services, part owned by co-founders of FundPlaces Brian Wee and Tan Kok Keong.

GYP said the investment is part of its strategy to further develop its core property business.

A version of this article appeared in the print edition of The Straits Times on December 30, 2017, with the headline 'CompanyBriefs'. Print Edition | Subscribe