Company Briefs

Mainboard-listed property developer SingHaiyi said yesterday morning that it has lost its free float and will be delisted, after its controlling shareholders' voluntary unconditional cash offer secured 95.8 per cent valid acceptances, as at 6pm on Thursday.

On Nov 9, SingHaiyi had received the privatisation offer from its owners Gordon and Celine Tang for 11.7 cents per offer share in cash, representing a significant 21.8 per cent discount to the group's net asset value per share of 14.96 cents as at Sept 30. The offer remains open for acceptance until its final closing date on Jan 10.

THE BUSINESS TIMES

Mr Elon Musk has sold more than three-quarters of the Tesla shares he would need to offload to make good on a pledge to cut 10 per cent of his stake in the company. In the second round of disposals this week, he got rid of 934,091 shares for more than US$884 million (S$1.2 billion), according to regulatory filings dated Thursday. The sales were to pay for taxes on the exercise of 2.2 million options.

The Tesla chief executive has been on a selling spree since he asked his Twitter followers on Nov 6 whether he should offload 10 per cent of his Tesla stake, to which the majority answered "yes".

BLOOMBERG

Amazon-backed electric vehicle start-up Rivian Automotive will build a US$5 billion (S$6.8 billion) plant in Georgia, its second assembly plant in the United States, as it looks to expand production.

In its first publicly reported quarterly results since it went public last month, Rivian on Thursday posted a third-quarter net loss of US$1.2 billion. Its shares tumbled 9.8 per cent in after-hours trading following the company's statement that it expects production to fall a few hundred vehicles short of its 2021 target of 1,200, and its pre-order numbers disappointing some on Wall Street.

REUTERS