Investment holding company Bevrian plans to make a voluntary conditional cash offer for the shares that it does not already own in Ellipsiz at 38 cents apiece.
This represents a premium of 5.6 per cent over Ellipsiz's last-traded price of 36 cents on Tuesday. The offeror already controls about 34.1 per cent of Ellipsiz.
Bevrian was incorporated in January last year with an issued and paid-up share capital of $1 comprising one ordinary share held by Mr David Lum Kok Seng, managing director of construction group Lum Chang Holdings.
Mr Lum and his sons, Mr Kelvin Lum Wen-Sum and Mr Adrian Lum Wen Hong, are the directors of Bevrian. Bevrian said it intends for Ellipsiz to maintain its listing status and continue with its existing business.
The offer will be subject to Bevrian holding more than 50 per cent of the total voting rights.
Global Logistic Properties
Global Logistic Properties (GLP) said it will commence development of GLP Kobe Nishi II, a 71,000 sq m logistics property in Hyogo Prefecture, Greater Osaka.
Development is estimated to cost 10.5 billion yen (S$140.6 million), and will be completed late next year. GLP Kobe Nishi II is a project under GLP Japan Development Venture I, a 50-50 joint venture between GLP and the Canada Pension Plan Investment Board.
Keppel Shipyard, a unit of Keppel Offshore & Marine, has secured four contracts worth a total of about $120 million from repeat customers.
The first contract is from BW Catcher, a unit of BW Offshore, for the installation and integration of topside modules for a newbuild floating production storage and offloading vessel. The second contract is from SOFEC to fabricate an internal turret mooring system for a floating storage and offloading vessel that will operate in Maersk Oil's Culzean Field in Britain's section of the North Sea.
For the third contract, Keppel Shipyard will carry out upgrading work to a pipelay vessel for Saipem Offshore Norway (Saipem).
The fourth contract is from Woodside Energy to modify and upgrade a vessel to support the Greater Enfield Project in Western Australia.
The contracts are unlikely to have a material impact on Keppel Corp's net tangible assets and earnings per share for this financial year.