Company Briefs: Great Eastern Holdings

Great Eastern Holdings

Great Eastern Holdings has sold its Vietnam business to FWD Life Insurance Company (Bermuda) for $48.2 million.

The divestment will be completed by June 21.

FWD Life Insurance Company (Bermuda) is part of FWD Group, the insurance arm of Pacific Century Group, which is chaired by Hong Kong tycoon Richard Li.

Mr Khor Hock Seng, the group chief executive officer of Great Eastern, said the company will be focusing on its core markets in Singapore and Malaysia, as well as its business in Indonesia and Brunei.

Rex International Holding

Catalist-listed Rex International Holding, an oil exploration and production firm, has sold part of its majority stakes in two assets to asset management company Schroders.

Rex International said in an exchange filing yesterday that it had sold part of its holdings in Lime Petroleum Norway (LPN) and Masirah Oil (MOL) on June 3. This was done to help reduce the group's risk exposure while maintaining its focus on assets in Norway and Oman held by these entities.

The company sold holdings in LPN equivalent to 10 per cent of the entire issued share capital of LPN for US$5 million (S$6.7 million).

It also sold part of its shares, equivalent to 5 per cent of MOL's total issued share capital, to Schroders for US$4.75 million.

Q&M Dental Group (Singapore)

Mainboard-listed Q&M Dental Group has entered into a binding memorandum of understanding to acquire a 47.14 per cent stake in dental prosthetic device provider Shenzhen New Perfect Dental Research (SZNP).

This represents an effective interest of 33 per cent in the dental laboratory businesses carried out by SZNP's 15 subsidiaries.

SZNP operates 16 dental laboratories in 15 cities across China, including Shenzhen, Guangzhou, Dongguan, Wenzhou, Hangzhou and Ningbo.

The acquisition is in line with Q&M Dental's expansion into dental-related industries in China, the company said in an exchange filing yesterday. SZNP's dental laboratory services also complement Q&M Dental's business.

The MOU also provides that the sellers of the stake in SZNP guarantee that the company will achieve minimum levels of net profit after tax every year from 2017 to 2028.

A version of this article appeared in the print edition of The Straits Times on June 08, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe