SINGAPORE - The following companies saw new developments which may affect trading of their shares on Tuesday (Dec 19):
City Developments Limited (CDL): CDL's chairman Kwek Leng Beng has written a letter to shareholders of M&C urging them to accept a revised offer of 620 pence a share. The revised offer came on the back of criticism CDL faced following its initial offer of 552.5 pence per share from some of M&C's smaller shareholders, who said that the offer did not reflect the value of M&C's extensive property portfolio. In a letter to shareholders, Mr Kwek said: "The CDL board recognises that it is the right of every shareholder to choose whether or not to accept the final offer."
Vard Holdings: Vard announced on Tuesday that majority shareholder Fincantieri SpA has, through a subsidiary, increased its stake in the company to 79.69 per cent, through shares acquired on Dec 18 at S$0.25 apiece. The acquisition is part of Fincantieri's announcement that it wants to privatise shipbuilder Vard, and brings the Italian company's holdings in Vard to around 940 million shares as at 5pm on Dec 18. The shipbuilder also announced it will design and build a luxury polar expedition cruise vessel for French cruise company Ponant in a contract valued at 2.7 billion Norwegian kroner (S$433.27 million), with delivery scheduled in the second quarter of 2021 from Vard's Norway facilities.
LifeBrandz: LifeBrandz is proposing a renounceable non-underwritten rights issue that is projected to raise estimated net proceeds of about S$5.68 million. The proposed rights issue will see the issuance of over 388 million new ordinary shares in the company at 1.5 Singapore cents per rights share. The company said after Monday's trading hours that the new shares will be allotted on the basis of two rights shares for every one existing ordinary share in its issued share capital.
Asti Holdings: Semiconductor equipment manufacturer Asti Holdings is looking to sell several of its wholly owned units, known collectively as STI Group, to Shanghai Pudong Science and Technology Investment Co for around S$100 million. The firm told the Singapore Exchange in a filing on Monday that it has entered into a term sheet with Shanghai Pudong. The two parties will have exclusive negotiation for 60 days from the effective date of the term sheet.
Jumbo Group: Singapore-listed Jumbo Group announced it has, through a wholly owned subsidiary, entered into a franchise agreement with Ho Sing Food Co Ltd, with the agreement involving the potential establishment and operation of eight Jumbo Seafood restaurants in Taiwan. The franchise agreement has an initial term of 10 years and may be renewed for a further 10 years. The company also said on Monday its indirect wholly owned subsidiary Jumbo F&B Services Pte Ltd had increased its contribution to the registered capital in JFB Shanghai, raising Jumbo F&B's contribution to S$1.24 million from US$350,000, the group said.