Company Briefs: City Developments

City Developments

City Developments (CDL) has made a final cash offer of 620 pence a share for the shares in London-listed Millennium & Copthorne Hotels (M&C) that it does not already own.

The first closing date of the offer for M&C shareholders is Jan 23 next year.

CDL owns 65.2 per cent of M&C, and will need approval from 50 per cent of M&C's remaining shareholders in order to close the deal.

It is not certain that the deal will go through as International Value Advisers, MSD Partners and Classic Fund Management, together account for 37 per cent of the shares that will vote on the offer, have said they will reject the offer.

Sabana Reit

Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's (Sabana Reit) manager has appointed its chief operating officer, Mr Aw Wei Been, as its acting CEO with effect from Jan 1, while it continues its search for a new chief executive officer.

Its current CEO, Mr Kevin Xayaraj - who has been with manager Sabana Real Estate Investment Management since 2010 - tendered his resignation in May, after a unitholders' revolt over the Reit's proposed acquisition of a Changi South property. Mr Xayaraj had then agreed to stay on with the manager until the year end to ensure a proper handover and smooth transition for his successor.

Mr Aw, who is also the manager's head of asset management, is said to have more than 20 years of experience in the real estate industry, and has been with Sabana Reit since its listing in November 2010.

ISR Capital

ISR Capital said that owing to a change in its issued share capital, the total amount for its deal with REO Magnetic will be lowered to $2.99 million from $4.52 million.

The price per share for the deal with REO - which would see ISR take a stake of 60 per cent in Mauritian company Tantalum Holding - would be adjusted to 0.4 cent from the initial price of 0.67 cent, and the number of shares as payment would be adjusted to 747.26 million. This was after a conversion of $1 million of convertible bonds into 250 million new shares on Dec 6.

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 elements in Madagascar.

Correction note: This story has been edited for clarity.

A version of this article appeared in the print edition of The Straits Times on December 22, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe