Latest news with #HwaHong
Business Times
a day ago
- Business
- Business Times
Stocks to watch: Keppel Infrastructure Trust, Raffles Medical, Amara, Koh Brothers Eco Engineering, SIA
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (Jun 11): Keppel Infrastructure Trust (KIT) : Its manager is divesting a 24.6 per cent stake in Australian bus service business Ventura Motors for A$130 million (S$109 million). As part of the trust's value creation strategy, the sale will bolster its financial strength and agility while enhancing its ability to capture further opportunities through strategic capital recycling, said Kevin Neo, chief executive of the manager, on Tuesday. Units of KIT closed flat at S$0.395 on Tuesday, before the announcement. Raffles Medical Group : The group has inked a strategic cooperation agreement with First Affiliated Hospital, a hospital in Chongqing, China, to deepen medical partnerships between the two. Under the partnership, a new healthcare collaboration ecosystem will be set up, where the two parties will participate in reciprocal visits and exchanges for personnel and explore new models of cooperation such as on artificial intelligence applications. A new medical consortium will facilitate the flow of medical resources and top expert teams from both hospitals will convene for academic exchanges and consultations, the group said on Tuesday. Shares of Raffles Medical closed at S$0.975 on Tuesday, down 1 per cent or S$0.01, before the announcement. Amara : The hotel and property group will be delisted from the Singapore Exchange as the privatisation offer for it closed with valid acceptances representing 97.74 per cent of total shares. As at the offer's close at 5.30 pm on Tuesday, the total number of shares owned, controlled or agreed to be acquired by the offeror DRC Investments, together with valid acceptances of the offer, was 562 million shares. DRC, a consortium led by property developer Hwa Hong, will compulsorily acquire all remaining shares of Amara it does not own at the price of S$0.895 apiece and make the group its wholly owned subsidiary. Shares of Amara were suspended on Tuesday. Koh Brothers Eco Engineering ; Singapore Airlines : A joint venture between Japanese firm Penta-Ocean Construction and a subsidiary of the construction and engineering company bagged a S$999 million contract for the construction of intra-terminal tunnels at Changi Airport's upcoming Terminal 5 (T5). The intra-terminal tunnels will serve as underground connections within T5, support the transfer of passengers and baggage across the terminal's concourses while facilitating the routing of common utilities, said Changi Airport Group on Tuesday. When T5 opens in the mid-2030s, it will consolidate the operations of Singapore Airlines and Scoot, which are now spread across three terminals. Shares of Koh Brothers Eco Engineering ended on Tuesday 5.7 per cent or S$0.003 lower at S$0.05, before the announcement; SIA shares closed on Tuesday 0.6 per cent or S$0.04 higher at S$7.10 before the announcement.
Business Times
2 days ago
- Business
- Business Times
Consortium's privatisation offer for Amara closes with 97.74% valid acceptances
[SINGAPORE] The privatisation offer for hotel and property group Amara finally succeeded on Tuesday (Jun 10), with valid acceptances representing 97.74 per cent of the total shares. As at the close of the offer at 5.30 pm on Tuesday, the total number of shares owned, controlled or agreed to be acquired by DRC Investments, together with valid acceptances of the offer, amounted to 562 million shares. DRC, a consortium led by property developer Hwa Hong, will exercise its right to compulsorily acquire all remaining shares at the offer price of S$0.895 a share. Amara will subsequently be delisted from the Singapore Exchange. DRC said it has no intention to preserve the group's listing status and will instead make it a wholly owned subsidiary. DRC is a special-purpose vehicle that is 35 per cent held by a fund sponsored by formerly Singapore-listed Hwa Hong and Malaysia-based Newfields. Another 35 per cent shareholder is a wholly owned subsidiary of local developer Wing Tai. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Albert Teo, Amara's chairman and chief executive officer, and his daughter, chief operating officer Dawn Teo, hold the remaining 30 per cent of DRC. The S$0.895 offer price represents a 27 per cent premium over Amara's closing price of S$0.705 on Apr 23, ahead of the trading halt called by the company the following day. It is also a 33 per cent premium over Amara's net asset value per share as at end-December 2024. In a previous bourse filing, DRC cited low trading liquidity and challenging macroeconomic conditions for Amara's privatisation. This includes a rise in protectionist policies and shifting trade agreements, which could disrupt supply chains and increase costs for businesses. These may result in higher operations costs, squeezing profit margins and affecting long-term growth prospects, it said. 'The offer represents a unique cash exit opportunity for shareholders to liquidate and realise their entire investment at a premium, an option which may not otherwise be readily available due to the low trading liquidity of the shares,' it added. The latest privatisation offer was the second time Amara was the target of a privatisation deal. In 2023, the group received a voluntary cash offer at S$0.60 a share from Amethyst Assets, a consortium linked to Albert Teo, other members of his family and private equity investor Dymon Asia. But the attempt fell short of the 90 per cent threshold for acceptances, at 88.39 per cent in shareholding interest.
Business Times
15-05-2025
- Business
- Business Times
Amara loses free float, trading to be suspended
[SINGAPORE] The mandatory cash offer for hotel group Amara by a consortium led by property company Hwa Hong has turned unconditional. As at 6 pm on Thursday (May 15), the total number of shares owned, controlled or agreed to be acquired by the offeror together with valid acceptances of the offer amounted to 522,529,331 shares, or 90.88 per cent of the total number of shares of Amara. This means that Amara has lost its free float, as less than 10 per cent of the company's shares are now held by the public. The Singapore Exchange will suspend trading of Amara's shares at the close of the offer on Jun 10. The offeror, a special-purpose vehicle called DRC Investments, is able to privatise Amara at the offer price of S$0.895 per share which values the hotel group at about S$514.6 million. A fund sponsored by Hwa Hong and Malaysia-based Newfields holds a 35 per cent stake in DRC Investments. DRC Investments is also 30 per cent owned by Albertsons Capital, whose shareholders are Albert Teo, Amara's chairman and chief executive, and his daughter Dawn Teo, Amara's chief operating officer. Wing Tai's wholly owned subsidiary, Winteam Investment, also holds a 35 per cent stake in the consortium. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The offer represents a premium of 27 per cent over Amara's closing price of S$0.705 on Apr 23 before the company called for a trading halt the following day. The S$0.895 offer price also represents a 42.1 per cent, 44.8 per cent, 46.7 per cent and 48.9 per cent premium over Amara's volume-weighted average price for the one-month, three-month, six-month and 12-month periods up to and including the last traded day, respectively. The offeror intends to make Amara a wholly owned subsidiary, it said on Thursday. The low trading liquidity of Amara's shares was cited as one reason for the offer. The stock had an average trading volume of 21,201 shares over the 12-month period leading up to Apr 23. This represented 0.004 per cent of the company's total issued shares. DRC Investments said in April that Amara was facing a challenging macro and operating environment. The rise in protectionist policies and shifting trade agreements could disrupt supply chains and increase costs for businesses. 'These challenges may result in higher procurement expenses for the group's operations, squeezing profit margins and impacting long-term growth prospects,' it said. Shares of Amara closed flat at S$0.89 on Thursday before the announcement.
Business Times
07-05-2025
- Business
- Business Times
Amara, Ban Leong pick IFAs for privatisation offers
[SINGAPORE] Hotel group Amara and technology products distributor Ban Leong Technologies on Wednesday (May 7) separately announced that they have appointed independent financial advisers (IFA) as they mull offers to be taken private. Amara has appointed W Capital Markets as its IFA for a voluntary conditional general offer from a consortium led by property company Hwa Hong. The offeror, a special-purpose vehicle called DRC Investments, launched the offer on Apr 28 at S$0.895 a share. The offer is final and values Amara at S$514.6 million. DRC Investments intends to privatise the hotel group, citing low trading liquidity and challenging macroeconomic conditions. The vehicle includes a 35 per cent stake held by a fund sponsored by Hwa Hong, formerly listed on the Singapore Exchange, and Malaysia-based Newfields. It is also 30 per cent owned by Albertsons Capital, with shareholders Albert Teo, Amara's chairman and chief executive, and his daughter Dawn Teo, Amara's chief operating officer. Real estate developer Wing Tai 's wholly owned subsidiary, Winteam Investment, holds a 35 per cent stake in the consortium. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Meanwhile, Ban Leong has chosen Asian Corporate Advisors as its IFA as it considers a cash offer from video game distributor Epicsoft Asia, an indirect wholly owned subsidiary of Nasdaq-listed GCL Global. The offer of S$0.6029 per share to Ban Leong's shareholders comes as GCL Global 'seeks to integrate Ban Leong's distribution and vendor network with GCL Global's digital capabilities and software portfolio', the latter's chief executive Sebastian Toke told The Business Times in a recent interview. If Epicsoft Asia scoops up at least 90 per cent of Ban Leong shares at the close of the offer, it said it will exercise its rights to compulsorily acquire the remaining shares from shareholders who have not accepted the offer. These IFA will advise Amara and Ban Leong's directors, who are considered independent, for their respective offers. The advisers' opinion and the directors' recommendation will be sent to each group's shareholders within 14 days from the issue date of the offer document. Amara's shares were flat at S$0.885 on Wednesday, before the announcement. Ban Leong shares added S$0.005 or 0.8 per cent to close at S$0.595 on Wednesday.
Business Times
07-05-2025
- Business
- Business Times
Amara appoints W Capital Markets as IFA for offer from Hwa Hong-led consortium
[SINGAPORE] Hotel group Amara on Wednesday (May 7) said it has appointed W Capital Markets as its independent financial adviser as it considers a voluntary conditional general offer from a consortium led by property company Hwa Hong. The IFA will advise Amara's directors who are considered independent for the offer. The adviser's opinion and the directors' recommendation will be sent to shareholders within 14 days from the issue date of the offer document. The offeror, a special-purpose vehicle called DRC Investments, launched the offer on Apr 28 at S$0.895 a share. The offer is final and values Amara at S$514.6 million. DRC Investments intends to privatise the hotel group, citing low trading liquidity and challenging macroeconomic conditions. The vehicle includes a 35 per cent stake held by a fund sponsored by Hwa Hong, formerly listed on the Singapore Exchange, and Malaysia-based Newfields. It is also 30 per cent owned by Albertsons Capital, with shareholders Albert Teo, Amara's chairman and chief executive, and his daughter Dawn Teo, Amara's chief operating officer. Real estate developer Wing Tai 's wholly owned subsidiary, Winteam Investment, holds a 35 per cent stake in the consortium. Amara's shares were flat at S$0.885 on Wednesday, before the announcement.
