SINGAPORE - The following companies saw new developments which may affect trading of their shares on Tuesday (Dec 11):
EpiCentre Holdings: EpiCentre Holdings said on Monday night that its $400 million proposed reverse takeover by two real estate companies, intended to reposition the firm as a regional property player after it exited the local Apple reseller business, is now off as the parties had failed to agree on the terms of agreements for the proposed acquisition.
Hong Leong Asia: Hong Leong Asia's chief executive and director Philip Ting gave notice on Monday to resign with effect from Jan 6 2019 to pursue other interests. Tan Eng Kwee, a former Hong Leong Asia chief financial officer between 2008 and 2011 who was most recently an independent financial consultant, is to take over Mr Ting's positions.
Great Eastern: Great Eastern Holdings is acquiring Indonesia-registered PT QBE General Insurance Indonesia for US$28 million ($38.5 million), it announced on Tuesday morning. The transaction is expected to be completed in the first half of 2019, subject to approval by Indonesia's financial services authority Otoritas Jasa Keuangan and the Monetary Authority of Singapore.
China Star Food Group: Catalist-listed sweet potato snacks maker China Star Food Group is proposing a one-for-one renounceable rights issue at 1.5 cents per rights share, with the net proceeds to go towards a partial capital contribution for a China subsidiary as well as working capital in Singapore, it announced late on Monday. The non-underwritten rights issue of up to 296.9 million new ordinary shares is made pursuant to the share issue mandate approved by shareholders at the company's last annual general meeting on July 30, 2018. Assuming full subscription, the estimated net proceeds will be $4.32 million.
MS Holdings: Crane rental firm MS Holdings on Monday said that it and LongRunn Int'l Land have mutually decided not to proceed with a deal that would have seen MS Holdings issue new shares representing 25 per cent of its enlarged share capital in exchange for an 8 per cent stake in a US$80 million ($109.9 million) development project in Korea. The two had entered a non-binding memorandum of understanding (MOU) on Sept 10 to "explore a strategic collaboration" in buying land and developing a casino and a residential, commercial and tourism complex in the Incheon Free Economic Zone of Korea. But the period of three months to execute a definitive agreement has lapsed and no definitive agreement was signed.
Katrina Group: Katrina Group, which owns and operates restaurants such as Bali Thai, Streats and So Pho, completed on Monday its purchase of serviced residences provider Straits Organization for $358,000, marking its entrance into the hospitality segment.
Pine Capital: Financial services group Pine Capital plans to buy up to a 51 per cent stake in Hong Kong-based asset management firm Silver Tree Hong Kong for HK$2.55 million ($447,368.43) in shares, according to an announcement on Tuesday before the market opened.