Company briefs: Singapore Exchange

Singapore Exchange

The Monetary Authority of Singapore and Singapore Exchange, together with the Securities Commission Malaysia (SC) and the Securities and Exchange Commission of Thailand, have issued a handbook to implement the streamlined review framework for the Asean Common Prospectus.

Under the framework, Asean issuers planning a multi-jurisdictional offering of equity or plain debt securities can expect a shorter time-to-market and faster access to capital across the region.

This framework requires both the home and host authorities to complete the prospectus review process at the same time, within three to four months from the date of submission.

The handbook provides detailed guidance on the operational aspects of the framework, including criteria for issuers.

Yoma Strategic Holdings

Yoma Strategic Holdings' wholly-owned subsidiary, Plantation Resources, and Volcafe have mutually cancelled and terminated the joint-venture agreement to plant and produce lowland Robusta coffee in the group's plantation land at the Maw Tin Estate in the Ayeyarwaddy division of Myanmar.

Yoma will carry on with this coffee project through Plantation Resources. Following the termination, Plantation Resources acquired Volcafe's 15 per cent interest in the joint-venture company, Myanmar Coffee Company, comprising 66,000 shares, at cost for US$66,000 (S$93,460).

Yongnam Holdings

Yongnam Holdings has, through its wholly-owned subsidiary, Yongnam Engineering and Construction, agreed to buy three plots of adjacent freehold industrial land at Pontian, Johor, from Vee Sen Property for RM38.4 million (S$12.8 million).

The plots, which total 947,405 sq ft, will provide a permanent solution to the shortage of storage land in Singapore for Yongnam.

The group now stores all the strutting materials in Singapore under a temporary occupation licence (TOL).

It has been having difficulties sourcing land for storage due to the non-renewal of TOL in the past few years, resulting in higher costs incurred in frequent shifting of storage yards, including costs for site clearing, transport and manpower. The lease here will expire on March 30 next year.

A version of this article appeared in the print edition of The Straits Times on September 05, 2015, with the headline 'Company briefs: Singapore Exchange'. Print Edition | Subscribe