Latest news with #Q&M
Business Times
09-05-2025
- Business
- Business Times
Aoxin Q&M appoints IFA for offer from Q&M Dental Group
[SINGAPORE] Catalist-listed Aoxin Q&M has appointed Hong Leong Finance as the independent financial adviser (IFA) for the mandatory unconditional cash offer made by Q&M Dental Group , said the board via a bourse filing on Friday (May 9). The board stated that its IFA will advise the recommending directors on the offer, with a circular outlining the adviser's advice and the directors' recommendation to be sent to shareholders within 14 days of the dispatch of the offer document by Q&M. In the meantime, the board advised shareholders to exercise caution when dealing in their shares and to refrain from taking any action that could be detrimental to their interests until they have reviewed this circular. The appointment of its IFA follows a bourse filing on May 1, in which the board informed shareholders that Q&M Dental Group intends to acquire all remaining shares it does not already own in Aoxin Q&M at S$0.0321 per share. The offer will close at 5.30 pm on May 28. If fully accepted, Q&M will pay approximately S$8.1 million for the offer shares. This development came after Q&M increased its stake in Aoxin Q&M from 33.33 to 50.53 per cent. In accordance with Rule 14.1 of the Singapore Code on Take-overs and Mergers, Q&M is required to make a cash offer for all remaining shares not already owned, controlled, or agreed to be acquired. Q&M previously stated that it does not plan to make any material changes to Aoxin Q&M's business operations following the acquisition and intends to maintain the company's listing on the Singapore Exchange. Shares of Aoxin Q&M traded flat at S$0.068 on Friday, prior to the announcement.
Business Times
01-05-2025
- Business
- Business Times
Q&M Dental makes cash offer for remaining Aoxin Q&M shares at S$0.0321 each
[SINGAPORE] Mainboard-listed Q&M Dental Group (Singapore) has made a mandatory unconditional cash offer to acquire all the shares it does not already own in its subsidiary Aoxin Q&M at S$0.0321 per share. In a bourse filing on Thursday (May 1), Aoxin Q&M's board informed shareholders that Q&M had released the offer document on Wednesday. The board also announced plans to appoint an independent financial adviser to guide its independent directors on the offer. The offer will close at 5.30 pm on May 28. If fully accepted, Q&M will pay around S$8.1 million for the offer shares. The development follows Q&M's recent increase in its stake in Catalist-listed Aoxin Q&M from 33.33 per cent to 50.53 per cent. In line with Rule 14.1 of the Singapore Code on Take-overs and Mergers, Q&M is required to make a cash offer for all remaining shares not already owned, controlled, or agreed to be acquired by the group. The increase in stake comes after Q&M acquired 87,973,480 shares from Health Field Enterprises Limited (HFEL) under a share security agreement dated Oct 12, 2016, which HFEL had entered into in favour of Q&M. The transaction was completed at a volume-weighted average price (VWAP) of S$0.0321 per share, based on trades conducted on Apr 22, 2025, the last full market day on which Aoxin's shares were traded before a trading halt was imposed on Apr 28. 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 This acquisition represents a partial settlement of profit guarantee obligations owed by Dr Shao Yongxin, executive director and group CEO of Aoxin, and HFEL under a master agreement dated Nov 13, 2013. This follows Q&M's issuance of a letter of demand on Apr 18 to Dr Shao for 72.3 million yuan (S$13 million), arising from shortfalls in profit guarantees. Despite repeated reminders, Dr Shao and HFEL have failed to meet their obligations or propose a reasonable alternative, Q&M said. Under the share security arrangement, Q&M was entitled to transfer the relevant number of Aoxin shares held by HFEL to an independent third party for sale. Proceeds, after deducting transaction costs, would then be used to cover the shortfall. However, Q&M said 'no suitable third-party buyers were found by the independent third-party despite using its reasonable endeavours'. As a result, the group has opted to acquire the 87,973,480 Aoxin shares from HFEL directly on Apr 30, at S$0.0321 per share, as partial settlement of the outstanding amount. 'Aoxin's businesses are complementary to the group's business, and the acquisition of Aoxin shares via the security enforcement is aligned with the group's strategy to expand its assets and earnings base,' added Q&M. The group also stated it does not intend to make any material changes to Aoxin's business operations following the acquisition, and plans to maintain the company's listing status on the Singapore Exchange. Shares of Q&M last traded flat at S$0.29 on Apr 30, while shares of Aoxin Q&M last traded at S$0.03 before its trading halt on the morning of Apr 28. On Thursday evening, Aoxin requested to lift its trading halt.
Zawya
13-02-2025
- Business
- Zawya
African Energy Week (AEW) 2025 to Explore Africa's Gas Expansion as Azule Energy Advances the Quiluma & Maboqueiro (Q&M) Project
International energy company Azule Energy has completed the offshore platforms for Angola's first non-associated gas project. The Quiluma platform has been loaded out and sailed away from the Ambriz Petromar Yard, joining the Maboqueiro platform which sailed away in December 2024. The move represents a milestone for the project as it targets first gas production in late-2025 or early-2026. The development aligns with Angola's two-fold approach to oil and gas development, whereby the country strives to boost oil production through exploration while increasing gas processing capacity and exports. This approach was outlined during African Energy Week (AEW): Invest in African Energies 2024, with an Angolan country spotlight sharing insight into major projects such as the Quiluma&Maboqueiro (Q&M) development. At the 2025 edition of AEW: Invest in African Energies, further updates on Angola's hydrocarbon strategy will be showcased, as the event drives discussions around Africa's emerging gas economy. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. Developed by the New Gas Consortium (NGC) – comprising Azule Energy as the operator, Cabinda Gulf Oil Company, Sonangol P&P and TotalEnergies – the Q&M development will harness gas resources from the Quiluma and Maboqueiro shallow water fields. An onshore facility will process gas from the fields, connecting to the country's sole LNG facility in Soyo: Angola LNG. All the requisite commercial deals for the project were signed in December 2024, aimed at expediting gas production. The project is expected to contribute to Angola's broader goal of increasing the share of natural gas in the energy matrix to 25%, serving as a benchmark for other emerging gas producers in Africa. While Angola has been producing and exporting LNG for several years, most of the gas has been derived from associated gas projects, thereby monetizing previously-flared resources at offshore oil projects. However, to further boost LNG capacity, the country is looking at non-associated gas opportunities, with the Q&M project leading the way in this endeavor. The project highlights both the commercial potential available in developing non-associated gas as well as the level of opportunity in this regard. Angola, for its part, has over 11 trillion cubic feet of proven gas resources and is inviting greater investment in exploration to unlock these resources. At the forefront of exploration efforts is the country's multi-year licensing strategy. Launched in 2019, the round aims to award up to 55 blocks for exploration by the end of 2025, with 32 concessions awarded to date. The final bid round in this strategy – a nine-block tender offering acreage in the Kwanza and Benguela offshore basins – will be launched in Q1, 2025. The country's upstream regulator – the National Oil, Gas&Biofuels Agency – continues to award blocks from the 2023 bid round, with three companies qualifying as operators for nine blocks onshore. Beyond the licensing round, Angola has 11 blocks available for exploration on direct negotiation and five marginal fields. This diverse investment model allows companies to invest out of the confines of a traditional licensing structure, thereby incentivizing greater participation by both foreign and local firms. Just this year, oil and gas company Red Sky Energy secured a 35% interest in Block 6/24 while Oando secured operatorship of KON 13, onshore. These efforts to boost investment in exploration are expected to support the country's gas production goals. By developing new fields, the country seeks to unlock additional reserves, with existing infrastructure and growing regional demand driving investment even further. This model can be replicated continent-wide, as regional neighbors turn recent discoveries into integrated oil and gas developments. 'We need to move beyond the thinking that natural gas is merely a transition fuel for Africa. Natural gas is the fuel of the future. With significant proven reserves, countries such as Angola stand to transform both their domestic and regional economies, accelerating industrialization and electrification through low-carbon gas projects. The milestone achieved by Azule Energy and its project partners should be commended. As the country's first non-associated gas project, the development signals the start of a new era of gas-driven growth in Angola,' states Tomás Gerbasio, VP Commercial and Strategic Engagement. Distributed by APO Group on behalf of African Energy Chamber.
