Vibrant Group, through its various units, will be disposing of its stake in the vehicle that owns the manager of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit), and units in the Reit for around $62.2 million in net proceeds.
The deal will be executed across three different sales and purchase agreements, the logistics player said in a regulatory filing yesterday.
The first agreement will see Vibrant's 51 per cent stake in Sabana Investment Partners sold to InfinitySub, a wholly owned subsidiary of E-Shang Infinity, which is indirectly owned by ESR Cayman. The value of the total transaction is $20.5 million, with an adjustment sum of around $1.3 million.
The second agreement will see Vibrant and its unit, Singapore Enterprises, selling 6.51 per cent of the total units in Sabana Reit, which translates to around 68.6 million units, for around $32.9 million.
Meanwhile, the third agreement will see Vibrant selling 1.48 per cent of Sabana Reit units, which translates to around 15.6 million units, for about $7.5 million. Sabana Reit has a market capitalisation of $431.76 million as of May 21, the filing said.
China Star Food Group
Catalist-listed China Star Food Group has raised net proceeds of about $4.32 million from its fully subscribed rights issue of some 297 million new shares, the sweet potato snack maker said on Tuesday night.
The net proceeds were derived after deducting estimated professionals' fees and related expenses of about $130,000 incurred in connection with the rights issue.
The company plans to use about 81 per cent, or $3.5 million, of the net proceeds for a partial capital contribution to a Chinese unit, and 19 per cent, or $820,000, for working capital purposes, as stated in its offer information statement dated April 25.
The partial capital contribution will go to Fujian Zixin Biological Potato, a China-incorporated, wholly owned subsidiary of Singapore's Zixin International, which is in turn wholly owned by China Star Food. The $3.5 million will be used to make a partial payment for Fujian Zixin's unpaid share capital.
The shares were issued at 1.5 cents apiece, which represents a discount of 38.46 per cent to the closing market price of 3.9 cents for trades done on the Singapore Exchange on Dec 10.
After the rights issue, the enlarged share capital of the company doubled to 593.8 million.