Jasper Investments shareholder Phang Chung Wah has taken over a US$700,000 (S$954,000) loan owed to Polaris Nine and will capitalise it into Jasper shares at 0.85 cent a share.
The capitalisation of $1.1 million, representing the outstanding principal amount plus accrued interest, will give Mr Phang about 125.9 million shares, representing a 2.89 per cent stake in the enlarged share capital of Jasper, a provider of transport services for the infrastructure industry.
According to Jasper's 2017 annual report, Mr Phang already held a 1.08 per cent interest in Jasper as of June 19 last year. Polaris Nine is Jasper's controlling shareholder with a 37.9 per cent stake as of last October.
It took over the loan in 2016 from Triton Investments No. 9, another Jasper shareholder. The company approached Polaris in April last year to capitalise the loan, which Polaris had agreed to at the time.
Roxy-Pacific Holdings and Tong Eng Group have agreed to sell a freehold property in Sydney for A$153 million (S$155 million).
The buyer of the property at 117 Clarence Street is ICPF Nominees, the trustee for Clarence Street Precinct Trust.
Roxy-Pacific and Tong Eng acquired the 14-storey commercial building in February 2016 for A$81 million.
The sale is expected to contribute positively to Roxy-Pacific's financial performance this year.
Keppel Land is looking to sell a 30 per cent stake in Vietnamese developer Quoc Loc Phat Joint Stock Company (QLP) for 702 billion Vietnamese dong (S$42 million), and eyeing to offload its remaining 15 per cent stake "at a later stage".
In a statement yesterday, parent Keppel Corporation said Keppel Land has signed a sale and purchase agreement with Pham Quang Hung, a shareholder of QLP, for the divestment. QLP is a Vietnam-incorporated real estate developer, primarily operating in Ho Chi Minh City.
Keppel Land holds a 45 per cent interest in QLP through two subsidiaries.
The sale is expected to be completed by the end of this month, and Keppel Corp expects to recognise a gain of about $13 million from the divestment.