Company Briefs: Sunningdale Tech

Sunningdale Tech

Precision plastic component manufacturer Sunningdale Tech has acquired Adval Tech (Thailand), a company which manufactures and sells precision plastic components for electronic products, home appliances and the automotive industry.

Mainboard-listed Sunningdale Tech announced it had entered into a share purchase agreement with seller Adval Tech Holdings (Asia) for 400,000 ordinary shares, representing all of Adval Tech (Thailand)'s issued and paid-up share capital.

Under the terms of the agreement, Sunningdale Tech did not pay for the shares; instead it made a loan repayment of $1.08 million to the seller as repayment of inter-company loans on behalf of Adval Tech (Thailand). The consideration was funded by company resources and in cash.

Based on audits, Adval Tech (Thailand)'s book value and net tangible assets amounted to 4.79 million baht, equivalent to $200,287 as at Sept 4.


DBS

DBS Group Holdings has set its final price guidance for its Singapore-dollar perpetual NC7 AT1 issue at 3.98 per cent, down from the initial price guidance of 4.375 per cent, following sizzling demand.

The deal has garnered orders of over $4 billion, said a source. The bond went on sale yesterday morning, and orders reached more than $2 billion just before lunch.

"Books have got out of control," said a source on the strong reception.

NC7 means that the bank has the right, but not the obligation, to call or redeem the securities in year seven.

The size of the issue is benchmark, and will likely be upsized. Benchmark usually refers to $500 million.


Fincantieri Oil & Gas

Fincantieri Oil & Gas has extended the deadline on its buyout offer for Vard Holdings by two weeks, to 5.30pm on Sept 19.

Fincantieri, which is offering 25 cents per Vard share to take the shipbuilder private, currently has effective control over a 94.2 per cent stake in Vard.

Vard's shareholders approved the delisting in July. The counter last traded at 25 cents before the extension was announced.

A version of this article appeared in the print edition of The Straits Times on September 06, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe