Company Briefs: Delong Holdings

Delong Holdings

Shares in mainboard-listed Delong Holdings, which have been suspended since Oct 5, resumed trading on the Singapore bourse yesterday.

This follows the withdrawal of an offer made by Best Decade, an investment vehicle of Delong chief executive Ding Liguo, amid a probe by the Securities Industry Council into any potential breach of Singapore's Takeover Code.

Mr Ding, who is also the company's executive chairman, pulled his bid vehicle's $7-a-share cash offer on Thursday, citing a requirement to hike the offer price to $7.42 a share.

Best Decade said on Sept 27 that it planned to delist the company and turn it into a wholly owned subsidiary in the same line of business, should it get valid acceptances for 90 per cent of the shares it did not hold by the offer's unspecified close date.

Standard Life Aberdeen

Following open market purchases made on Oct 10, Standard Life Aberdeen has increased its deemed interest in mainboard-listed tech solutions provider AEM Holdings to 7.2 per cent, according to a filing with the Singapore Exchange late on Thursday.

About 1.86 million shares, bought from the open market for a total consideration of $1.53 million or $0.82 per ordinary share, were purchased by its subsidiary Aberdeen Asset Management. The move raised its stake from about 17.49 million ordinary shares or 6.5 per cent in AEM to about 19.35 million shares.

Travelite Holdings

Luggage retailer Travelite Holdings is taking over the stock of a struggling associated company in an agreement inked yesterday, the board said.

Wholly-owned subsidiary Demarco will pay $374,800 in cash for the inventory and assets of its 35 per cent-owned Delsey Singapore (DSG) business and will source Delsey products exclusively from DSG for its retail and wholesale distribution business in Singapore and Malaysia.

The deal for the assets and inventory - which had a book value of some $1.2 million as at Dec 31, 2017 - will be funded internally.

The board said the deal will help to achieve economies of scale for Demarco and is in line with the group's plan to optimise its distributorship rights in the region by re-entering the Malaysian luggage market.

A version of this article appeared in the print edition of The Straits Times on October 13, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe