Company Briefs: Anchor Resources

Anchor Resources

Catalist-listed gold mining group Anchor Resources has proposed to acquire all the issued shares of GGT Manufacturing for $100 million.

The amount will be financed by a combination of cash - of up to $5 million - and by issuing new shares priced between eight cents and 18 cents, the firm said yesterday.

GGT Manufacturing is the sole dimension granite operator in Terengganu, Malaysia. It extracts granite and architectural stone.

Anchor Resources said the acquisition would allow it to diversify into the new business area undertaken by GGT Manufacturing.

The firm's existing business is in gold mining in Malaysia.

Anchor Resources also announced the proposed placement of about 30.8 million new ordinary shares at an issue price of 10.4 cents per share. The move is expected to raise $3.2 million. The firm said half the net proceeds of about $3 million will help fund the costs related to the proposed acquisition of GGT Manufacturing, it added.

Ryobi Kiso Holdings

Engineering firm Ryobi Kiso Holdings has won contracts worth $56.7 million.

This brings the value of total contracts it has secured since Jan 1 to $90 million.

The deals are for foundation and geoservices work at places such as Eunoia Junior College, the Sturdee Residences condominium and the Royal Marina Bayin Nha Trang, Vietnam. The group's net order book as at Dec 31 was $127.9 million.

QT Vascular

The Singapore firm's new Chocolate XD PTCA balloon device, which is used for treating vascular complaints, has received clearance from the United States Food and Drug Administration (FDA).

The FDA has approved the sale and distribution of the device, which is the most advanced catheter developed by QT Vascular.

Balloon catheters are used in devices to treat blocked arteries.

A version of this article appeared in the print edition of The Straits Times on June 28, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe