Company Briefs: Hupsteel

Hupsteel

Mainboard-listed steel trader Hupsteel yesterday said it will appoint an independent financial adviser (IFA) "in due course" with regard to the founding Lim family's voluntary conditional cash offer of $1.20 per share to delist the company.

A circular on the IFA's advice and the independent directors' recommendation will be sent to shareholders within 14 days of the offer document's dispatch.

The Lim family's offer price, which is final, represents a premium of 51.9 per cent over the last transacted price of 79 cents on June 27.

The offer price also represents a premium of 58.33 per cent, 58.6 per cent, 58.56 per cent and 54.32 per cent over the volume-weighted average price for the one-month, three-month, six-month and 12-month periods, respectively. The offeror is Hercules, a bid vehicle for the consortium members.


Citi

Citi has appointed Ms Hsiu-Yi Lin as Asean head of Citi Commercial Bank (CCB). This is in addition to her current role as CCB head for Citi in Singapore, said Citi in a press statement.

In her new role, Ms Lin will be responsible for driving business strategy across Asean. Citi serves clients across Singapore, Malaysia, Thailand, Vietnam and Indonesia - which are some of the bank's fastest-growing commercial banking markets in the region.

Ms Lin has helmed CCB Singapore since 2013. She has over 25 years of experience in the banking industry and holds an MBA from Harvard Business School and a Bachelor of Arts in computer science and physics from Wellesley College.


Dasin Retail Trust

Mainboard-listed Dasin Retail Trust will purchase Doumen Metro Mall in China for 1.374 billion yuan (S$274.8 million), its trustee manager announced on Sunday night.

The trustee manager plans to fund the acquisition through a mix of debt and equity financing. It is proposing a private placement of new units in Dasin Retail Trust at an illustrative issue price of 83.6 cents to raise around $68.8 million in gross proceeds, and to draw down some $210 million in bank borrowings.

On June 30, the trustee manager entered into a sale and purchase agreement with the chairman and non-executive director of the trustee manager, and sponsor Zhongshan Dasin Real Estate.

The land use rights for Doumen Metro Mall in the Doumen district of Zhuhai, Guangdong province, expire on Oct 12, 2052.

A version of this article appeared in the print edition of The Straits Times on July 02, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe