Company Briefs: ecoWise; LTC Corp

ecoWise

Environmental solutions firm ecoWise Holdings announced after trading hours yesterday that its indirect wholly owned subsidiary ecoWise Technologists and Engineers entered into a non-binding memorandum of understanding with Shin Tai Ho & Co to explore opportunities and expand its respective businesses into food processing and food recycling segments.

Shin Tai Ho & Co is a Singapore ship chandler that handles the distribution of food to various outlets, including cruises.

According to ecoWise Holdings, the proposed collaboration will allow the two parties to leverage each other's strengths and venture into businesses that incorporate high-technology food processing, manufacturing and recycling methods.

"The larger objective of the collaboration lies in strengthening food security in Singapore, which the board believes will contribute to both the society at large and also bring about economic benefits to the company and its stakeholders," said the company in its filing to the Singapore Exchange.

It added that the partnership will also allow the group to "strengthen its competitive advantage and value proposition in the food industry; and eventually gain access to new markets, customers and business opportunities".


LTC Corp

LTC Corp announced yesterday that trading in its shares is expected to be suspended at 9am on Feb 1, as an exit offer for the company passed the 90 per cent threshold.

The steel trading and property group said the date of its delisting from the Singapore Exchange (SGX) will be announced in due course.

In filings to the SGX, LTC said Mountbatten Resources, the investment vehicle for LTC's controlling Cheng family, now owns, controls or has agreed to acquire shares representing 90.01 per cent of the company as of 5pm on Jan 15.

With the percentage of shares held in public hands now below 10 per cent, trading in LTC shares will be suspended immediately after the close of the exit offer, which had been extended to Jan 31.

Mountbatten will now acquire the shares of the remaining dissenting shareholders at the exit offer price of 92.5 cents per share, to be paid in cash.

Of the 90.01 per cent, Mountbatten and its concert parties now hold 88.44 per cent of LTC shares, while a remaining 1.57 per cent are held by other shareholders.

LTC Corp shares last traded flat at 92 cents on Jan 7.

A version of this article appeared in the print edition of The Straits Times on January 17, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe