Company Briefs: GuocoLand

GuocoLand

GuocoLand's Malaysia-listed unit, EcoWorld International, has entered into an agreement that will allow it to buy 25 of the 30 strata units in a Sydney apartment block for A$33.8 million (S$34.7 million).

EcoWorld has until Sept 7 next year to exercise its option to purchase. If it does not exercise the option by then, the owners of the 25 apartments have 30 days to force the firm to buy the units.

The agreement gives EcoWorld consent from owners holding 84.2 per cent of the unit entitlements in the building, more than the 75 per cent required under Australian law to redevelop or sell. EcoWorld will seek to acquire the remaining five units by negotiation or through the strata renewal process.

Assuming the remaining five units are acquired at the same rate of A$3,635 per sq m, EcoWorld could pay A$40 million for the project.


Top Glove Corporation

Top Glove Corporation has entered into exclusive negotiations to buy Aspion, the medical gloves business of Adventa Capital, in a cash-and-shares deal.

The final terms have yet to be decided, but Adventa has agreed to negotiate only with Top Glove until Jan 15.

Top Glove, a Malaysia-based rubber-glove maker, said the price will be based on Aspion's after-tax profit, a possible guarantee by Adventa in case of a profit shortfall next year, and a possible multiple of 16 to 18 times of the 2018 target after-tax profit.

Top Glove said that it will retain the existing leadership of Aspion.


Cosco Shipping International

Cosco Shipping International has issued formal offer documents for its bid to privatise Cogent Holdings at $1.02 a share.

Cogent's minority shareholders will have until 5.30pm on Jan 5 to accept the offer.

Cosco Shipping announced on Nov 3 that it was acquiring Cogent for $488.07 million. The aggregate number of Cogent shares held by the four undertaking shareholders amounts to $403.5 million, representing about 84.33 per cent of all the stock.

Cogent is one of Singapore's leading full-service, integrated logistics service providers, with a track record of more than 40 years, said Cosco Shipping.

A version of this article appeared in the print edition of The Straits Times on November 25, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe