Company Briefs: Gallant Venture

Gallant Venture

Gallant Venture, a vehicle distributor and developer, plans to buy back up to $45 million of notes it has issued.

The firm, in which Sembcorp Industries holds a stake, said yesterday that it wants to buy back up to $30 million of the notes due May 12, and up to $15 million of notes due Aug 2. The plan does not affect the note terms, it added.

The proposed repurchase will start today and is expected to end next Thursday, with DBS Bank as the buyback agent.

Gallant Venture said interested investors should contact DBS.

It also said that beneficial owners of the notes, who happen to be wealth management customers, should go direct to their relationship managers.

Note holders who are interested in selling should also consult their own investment, business, legal, financial, tax or other professional advisers.

If the amount available for sale hits the limits, Gallant Venture will decide who and how much to buy back from.

mm2 Asia

Movie, TV and online content-production firm mm2 Asia said executive chairman and chief executive Melvin Ang has sold 10 million vendor shares to Mr Timothy Mou En-Kuang, at 48.5 cents a share.

Mr Mou manages Chinese superstar Fan Bingbing and is co-founder of Fan Bingbing Studio.

He now holds 0.95 per cent of mm2 Asia, while Mr Ang holds 44.27 per cent.

C&G Environmental Protection Holdings

Waste-to-energy investor and operator C&G Environmental Protection Holdings said New Sky was unable to pay the balance of 320.1 million yuan (S$66 million) for the sale of its Thai unit by yesterday.

New Sky and its parent firm are still waiting for regulatory approval for the cross-border remittance, and have asked for an extension to March 31. Late payment interest has also been waived.

In another agreement, the firm has agreed to extend the payment deadline of a remaining HK$344.71 million (S$63 million) for Ahead Auto, which is buying another unit, C&G International.

A version of this article appeared in the print edition of The Straits Times on January 20, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe