SINGAPORE - The following companies saw new developments which may affect trading of their shares on Tuesday (April 3):
Banyan Tree Holdings: A joint venture (JV) between Banyan Tree Holdings and Chinese real estate developer Vanke has acquired all the hotel assets of the Banyan Tree China Hospitality Fund for 1.35 billion yuan (S$282.2 million) as part of plans to form a strategic partnership in China. The purchase was made through JV vehicle Shanghai Yuewan Enterprise Management, with Banyan Tree holding a 6.7 per cent stake and Vanke holding the remaining 93.3 per cent. Following the purchase, Shanghai Yuewan was absorbed by Banyan Tree Assets (China) Holdings (BTAC), a JV company formed between Banyan Tree Holdings and Vanke for holding substantially all of the hotels and real estate assets of the JV in China. With the acquisition, Banyan Tree's interest in BTAC has been diluted to 22.8 per cent from 50 per cent.
Olam International: The global commodities trader announced late on Monday that the company's free float has been restored to 10.27 per cent, after the vesting and release of restricted share awards and performance share awards granted under the Olam Share Grant Plan. A total of some 11.04 million shares were released on Monday, Olam said, consisting of 855,394 shares released to non-public shareholders and 10,183,883 shares released to public shareholders.
Clearbridge Health: The medtech investor formerly known as Clearbridge Accelerator has paid S$5.5 million for an 85 per cent stake in two companies which collectively operate a medical aesthetics clinic in Tanjong Pagar. Called Medic Surgical and Medic Laser, the two firms run a clinic named "Medic Surgery and Laser Clinic". Of the S$5.5 million, S$2 million will be paid in cash and S$3.5 million will be satisfied by the issuance of 6.3 million new Clearbridge shares. Clearbridge now owns two medical centres/clinics in Singapore and one medical centre/clinic each in Hong Kong and the Philippines.
Miyoshi Limited: The Catalist-listed manufacturer announced on Apr 2 that its unit, Core Power (Fujian) New Energy Automobile, has joined forces with Jiangxi Changhe Automotive Co to jointly develop a new, all-electric vehicle. The partnership encompasses development of the car's design, chassis, interior layout, platform, batteries, electric motor and electric control unit. Miyoshi, which counts metal manufacturing capabilities among its many specialities, acquired a 15 per cent equity interest in Core Power back on Aug 24, 2016, through which it manufactures and sells electric cars in various parts of China, according to its website.