Lian Beng Group
Lian Beng Group's wholly owned subsidiary, Lian Beng Franklin Investment (LBF), has inked a deal to sell an Australian property that it bought in November last year.
LBF will sell the freehold property at 50, Franklin Street, Melbourne, for A$90.15 million (S$93.5 million).
It bought it for A$51.5 million. The 18-storey office building in the central city comprises 18 strata lots.
Property developer SingHaiyi Group is looking to raise net proceeds of up to about $143.16 million for real estate investments through a rights issue.
It announced yesterday that it is proposing a renounceable non-underwritten rights issue of up to about 1.44 billion new shares at 10 cents each, to be issued on the basis of one rights share for every two existing shares to shareholders.
Most of the proceeds will go towards property investment, it said.
The rest will be used for general corporate and working capital.
The issue price represents a discount of 16.7 per cent to the closing price of 12 cents yesterday, and an 11.8 per cent discount to the theoretical ex-rights price of 11.3 cents a share.
Majority shareholder Haiyi Holdings, which has a 56.17 per cent stake in the company, has provided an irrevocable undertaking to subscribe for its pro rata entitlement of 806.2 million rights shares, but also all of the rights shares beyond its provisional allotments.
Abalone producer Oceanus Group has completed its debt restructuring exercise, putting the group in a debt-free and "net cash positive" position by the end of its 2017 financial year.
The debt restructuring proposal was announced earlier this month and approved by shareholders last week.
The group issued about 19.7 billion new shares this week, converting $71.8 million, or 85 per cent of the group's total outstanding debt, to equity.
The balance of $12.8 million, or 15 per cent of Oceanus' total outstanding debt, will be paid in cash on or before Dec 31, funded by the group's internal resources.
The new stocks issued include subscription shares relating to $6 million of fresh funding raised from new investors.