Latest news with #Singapore-incorporated
Business Times
a day ago
- Business
- Business Times
Keppel DC Reit proposes sale of M1-issued NetCo bonds, preference shares
[SINGAPORE] The manager of Keppel DC Real Estate Investment Trust (Reit) on Monday (Aug 11) proposed the disposal of all its NetCo bonds and preference shares issued by network operator M1. This comes after parent company Keppel announced that it will sell M1's telco business to Simba Telecom , a mobile network operator, for S$1.43 billion. Keppel will receive nearly S$1 billion for its 83.9 per cent effective stake in M1. Simba – whose parent company is Tuas Ltd, which is owned by Australian businessman David Teoh's TPG Telecom – is expected to create more revenue pools and career opportunities from its combination with M1. NetCo is a subsidiary of M1 and holds some of the telco's mobile, fixed and fibre assets. It also has a network services agreement with M1. On Dec 22, 2021, Keppel DC Reit subscribed to S$88.7 million in bonds issued by NetCo through its trustee, Perpetual (Asia). Under the terms, the Reit will receive S$11 million a year, comprising both the principal amount and interest, for a period of 15 years from the date of issuance. Under the same transaction, Keppel DC Reit also subscribed to 100 per cent of the preference shares issued by NetCo, for S$1 million. 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 These shares entitle the Reit to have 50 per cent representation on NetCo's board of directors – a move intended to give it additional protection for its investment in the bonds. The NetCo bonds and preference shares will be sold to an unrelated third party, which is a Singapore-incorporated holding company, Keppel DC Reit's manager said. Assuming the sale was completed on Monday, the buyer will have to pay around S$79.2 million, the manager said. This amount comprises S$77.2 million as a principal amount for the NetCo bonds, S$1 million in accrued interest, and a principal amount of S$1 million for the preference shares. The deal is subject to clearance from the Infocomm Media Development Authority. Units of Keppel DC Reit were trading flat at S$2.31 as at 3.30 pm on Monday.
Economic Times
30-07-2025
- Business
- Economic Times
Can Singapore's stock exchange compete with Hong Kong's IPO market?
IFBH and Mirxes chose Hong Kong over Singapore for IPOs, highlighting the valuation and liquidity strengths of the Hong Kong stock exchange over the Singapore Exchange (SGX) Singapore faces increasing challenges in attracting initial public offerings (IPOs), as more companies choose Hong Kong for its market depth and valuation potential. IFBH, a Singapore-incorporated Thai company and the world's second-largest coconut water bottler, recently launched a HK$1.16 billion (US$147 million) IPO on the Hong Kong stock exchange. The company initially planned to list in Singapore but shifted to Hong Kong, citing strong connections to mainland China, its key IFBH listing follows the successful debut of Mirxes, a Singapore-based biotechnology firm that raised HK$1.09 billion in its May IPO, with its share price rising 28.8 per cent on the first day. Both companies underscore Hong Kong's IPO market advantage. Also read: FWD Group launches US$512 million Hong Kong IPO, targeting HK$48.3 billion valuation According to the London Stock Exchange Group, Hong Kong raised US$13.2 billion from 38 IPOs this year, compared with a single US$4.5 million listing on the Singapore Exchange (SGX). In 2023, Hong Kong saw 67 IPOs raising US$11.3 billion, while Singapore posted four listings totaling US$34.2 million. Despite these trends, analysts and officials indicate that Singapore is taking active steps to boost its IPO market appeal. The Singapore government recently introduced multiple incentives, including a 20 per cent tax break and incentives for funds to invest in local equities.'That was a good shot in the arm to provide added confidence for issuers to consider Singapore,' said Anuruk Karoonyavanich, global head of equity capital markets at DBS. Liquidity remains a significant constraint for SGX. Singapore's market capitalization is approximately US$488 billion, with a daily trading volume near US$1.1 billion, compared with Hong Kong's US$6.5 trillion market capitalization and US$30 billion daily read: Hong Kong's sixfold jump in share sales drives boom year in Asia'If you look at Singapore-listed companies, over 60 or 70 per cent are controlled by Temasek or GIC,' said Frank Bi, head of corporate transactions at Ashurst in Hong Kong. This level of state involvement may discourage a market-driven IPO current disparities, analysts see potential for SGX. Mirxes is planning a dual listing on SGX's main board. China Medical System, listed in Hong Kong, also announced plans for a secondary listing on telecom operator Nippon Telegraph and Telephone recently filed to list a data center REIT on SGX, potentially raising US$1 billion, the largest listing on the exchange in four emphasized that companies with regional strategies, particularly those focused on Southeast Asia, are likely to consider Singapore as a viable listing venue. He pointed to increasing capital inflows from family offices and high-net-worth individuals as a potential driver of market Stanley projected Singapore's market capitalization could double by 2030, driven by increased returns on equity, a strong tech startup ecosystem, and proactive government reforms. Also read: China fashion retailer Shein to file confidentially for Hong Kong IPO in rare move, sources say 'The trend is that everybody wants to raise international capital and grow regionally,' Karoonyavanich said. In that context, both Hong Kong and Singapore are positioned to benefit within the Asia-Pacific region.
Business Times
17-07-2025
- Business
- Business Times
The old Thong Chai Building, a national monument, set to change hands
[SINGAPORE] The former Thong Chai Medical Institution in Eu Tong Sen Street, a national monument, is close to being sold, The Business Times understands. The asset – with triple frontages along Eu Tong Sen Street, Merchant Road and New Market Road – comprises the building constructed in 1892 and gazetted as a national monument in 1973, as well as a two-storey annexe built in the 1990s. The property is being sold by MMT Singapore Properties, a US-incorporated company that is linked to Forever Living Products, a global multi-level marketing health and beauty business selling mostly aloe vera products; the company is headquartered in Arizona. The incoming owner of 50 Eu Tong Sen Street is understood to be an entity linked to Singapore-incorporated real estate investment company Clifton Partners. The word in the market is that the all-in cost for the buyer is in the S$45 million to S$50 million range. The property is on a site area of about 11,730 square feet (sq ft) with 99-year leasehold tenure from August 1994, leaving a balance term of about 68 years. The total built-up area is about 20,000 sq ft. 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 After occupying the 50 Eu Tong Sen Street premises for about two decades, Forever Living recently relocated to Carpenter Street. View of the first courtyard from the second storey shows a roof with concrete ridge frieze, gable walls and ornamental copings. PHOTO: BT FILE Forever Living's late founder, president and chief executive officer Rex Maughan died in 2021. The company is currently helmed by his son Gregg Maughan, who is the CEO; Aidan O'Hare is the president. The former Thong Chai Medical Institution, also known as the old Thong Chai Building, was among the first batch of eight buildings that were gazetted as national monuments in 1973. The status accords the highest level of protection for built heritage, that is, preservation under the Preservation of Monuments Act. The second courtyard with a view of an original timber screen with the Chinese characters Fu, Lu and Shou – the Chinese deities of good fortune, prosperity and longevity, respectively. PHOTO: BT FILE Industry observers expect the new owner of 50 Eu Tong Sen Street to refurbish the asset in accordance with guidelines stipulated for national monuments. Potential uses may include suitable wellness, lifestyle or food and beverage concepts. Clifton has experience restoring and uplifting heritage properties. An example is the conservation shophouse at 75 Maude Road in the Jalan Besar area. This is where Singapore's founding prime minister Lee Kuan Yew hid during the Japanese Occupation, to escape a mass screening and almost-certain death. Describing the former Thong Chai Medical Institution, Vernon Cornelius and Valerie Chew, in an article on the National Library Board website, write: 'The building is considered a historical landmark not only because the institution symbolised the spirit of mutual assistance among early Chinese settlers, but also because it is a rare surviving example of Southern Chinese secular architecture.' The Thong Chai Medical Institution was built with the support of philanthropic Chinese businessmen as well as funds raised through public subscription, with the British colonial government providing the land. Completed in 1892, the Thong Chai Medical Institution in Chinatown provided free medical services and herbs to the poor; it was also a centre for activities for the early Chinese community. The building served as the headquarters of Chinese guilds and the venue for various public meetings. The Singapore Chinese Chamber of Commerce operated from an office there until 1906. In 1976, the medical institution moved to a new building in Chin Swee Road and returned the old medical hall to the government, which then spent nearly S$500,000 on extensive restoration and renovation works before the venue was reopened as an arts and crafts centre in 1979. URA sale of site The national monument was packaged with an adjacent vacant site and put up for sale in the early 1990s by the Urban Redevelopment Authority (URA). Architect Chan Seng Kee, through Ke-Cho (Pte) Ltd, placed the highest bid of S$3.89 million for the property at a URA tender that closed in April 1994. His firm Design Environment Group Architects did extensive restoration work on the asset; this included adding a new annexe in the same southern-China architectural style of the original property. The project was completed in 1998. The original configuration of the interior spaces and courtyards was retained. Skilled craftsmen from China were engaged to restore the old Thong Chai Building's detailed features such as the intricate concrete ridge frieze on the roof, with gable walls and ornamental copings. The building was tenanted to a pub-disco and later to two restaurants, but all closed within a short time. Chan then put the property up for sale. In late 2004, it was sold to MMT Singapore Properties. According to an earlier media report, the price was 'under S$7 million'. The premises were spruced up to serve as the new corporate office for Forever Living Products.
Time of India
30-06-2025
- Business
- Time of India
Can Singapore's stock exchange compete with Hong Kong's IPO market?
Despite significant IPO momentum in Hong Kong, Singapore's stock exchange is taking steps to increase its appeal. Recent listings such as IFBH and Mirxes underscore Hong Kong's lead in market liquidity and valuation. However, incentives, regulatory reforms, and a deepening investor base could support Singapore's long-term IPO market competitiveness IFBH and Mirxes chose Hong Kong over Singapore for IPOs, highlighting the valuation and liquidity strengths of the Hong Kong stock exchange over the Singapore Exchange (SGX) Hong Kong IPO market outpaces Singapore in valuation and liquidity Tired of too many ads? Remove Ads Singapore implements reforms to attract IPOs Tired of too many ads? Remove Ads Opportunities for growth in Singapore's IPO pipeline Singapore faces increasing challenges in attracting initial public offerings (IPOs), as more companies choose Hong Kong for its market depth and valuation potential. IFBH, a Singapore-incorporated Thai company and the world's second-largest coconut water bottler, recently launched a HK$1.16 billion (US$147 million) IPO on the Hong Kong stock exchange. The company initially planned to list in Singapore but shifted to Hong Kong, citing strong connections to mainland China, its key IFBH listing follows the successful debut of Mirxes, a Singapore-based biotechnology firm that raised HK$1.09 billion in its May IPO, with its share price rising 28.8 per cent on the first day. Both companies underscore Hong Kong's IPO market read: FWD Group launches US$512 million Hong Kong IPO, targeting HK$48.3 billion valuation According to the London Stock Exchange Group, Hong Kong raised US$13.2 billion from 38 IPOs this year, compared with a single US$4.5 million listing on the Singapore Exchange (SGX). In 2023, Hong Kong saw 67 IPOs raising US$11.3 billion, while Singapore posted four listings totaling US$34.2 these trends, analysts and officials indicate that Singapore is taking active steps to boost its IPO market appeal. The Singapore government recently introduced multiple incentives, including a 20 per cent tax break and incentives for funds to invest in local equities.'That was a good shot in the arm to provide added confidence for issuers to consider Singapore,' said Anuruk Karoonyavanich, global head of equity capital markets at remains a significant constraint for SGX. Singapore's market capitalization is approximately US$488 billion, with a daily trading volume near US$1.1 billion, compared with Hong Kong's US$6.5 trillion market capitalization and US$30 billion daily read: Hong Kong's sixfold jump in share sales drives boom year in Asia 'If you look at Singapore-listed companies, over 60 or 70 per cent are controlled by Temasek or GIC ,' said Frank Bi, head of corporate transactions at Ashurst in Hong Kong. This level of state involvement may discourage a market-driven IPO current disparities, analysts see potential for SGX. Mirxes is planning a dual listing on SGX's main board. China Medical System, listed in Hong Kong, also announced plans for a secondary listing on telecom operator Nippon Telegraph and Telephone recently filed to list a data center REIT on SGX, potentially raising US$1 billion, the largest listing on the exchange in four emphasized that companies with regional strategies, particularly those focused on Southeast Asia, are likely to consider Singapore as a viable listing venue. He pointed to increasing capital inflows from family offices and high-net-worth individuals as a potential driver of market Stanley projected Singapore's market capitalization could double by 2030, driven by increased returns on equity, a strong tech startup ecosystem, and proactive government read: China fashion retailer Shein to file confidentially for Hong Kong IPO in rare move, sources say 'The trend is that everybody wants to raise international capital and grow regionally,' Karoonyavanich said. In that context, both Hong Kong and Singapore are positioned to benefit within the Asia-Pacific region.
Yahoo
20-05-2025
- Business
- Yahoo
Bastion proposes $102m takeover bid for Xanadu Mines
Bastion Mining, an Australian Securities Exchange (ASX)-listed exploration company, has entered into a bid implementation agreement with Mongolia-based mining company Xanadu Mines to make an off-market takeover bid. Under the agreement, Bastion will offer to acquire all the fully paid, ordinary shares issued in Xanadu at A$0.08 per share. The proposal values Xanadu's total equity at A$160m ($102.4m), not taking into account the planned issuance of shares to Bastion. Bastion represents a consortium including Boroo, a private Singapore-incorporated entity, and Xanadu director Ganbayar Lkhagvasuren. Xanadu's Takeover Board Committee, after careful consideration with advisers, has endorsed the offer, suggesting that shareholders accept it unless a better proposal emerges. The offer hinges on Bastion securing a minimum 50.1% interest in Xanadu and is subject to several conditions outlined in the bid implementation agreement. To support Xanadu during the offer period, Bastion has agreed to a share subscription agreement for an additional 286.8 million Xanadu shares at A$0.06 each. This agreement, set to complete on 26 May 2025, will result in a A$17.2m cash injection for Xanadu and increase Bastion's stake in the company. Xanadu executive chairman and managing director Colin Moorhead said: "The proposed acquisition of Xanadu by Bastion is aligned with the company's strategy of generating returns for shareholders and also providing a liquidity event. Bastion's offer provides Xanadu shareholders with an attractive premium, which recognises the company's inherent value and considerable achievements in progressing the Kharmagtai copper-gold project. 'The Takeover Board Committee Directors consider the offer to be in the best interest of shareholders and unanimously recommend that shareholders accept the offer in the absence of a superior proposal and subject to the Independent Expert concluding (and continuing to conclude) that the Offer is fair and reasonable." During the offer period, Xanadu is obligated to refrain from exercising any of the put options outlined in the joint venture (JV) shareholders' agreement. These put options, if utilised, would require Jinping (Singapore) Mining to purchase a 25% or 50% stake in Xanadu's ownership of Khuiten Metals. The JV shareholders' agreement dated 21 December 2022 between Target, Jinping Mining and Khuiten Metals established an incorporated JV for the Kharmagtai project. Lkhagvasuren said: "Together with my partners at Boroo, I am pleased to be making this supported offer to Xanadu shareholders. The Bastion offer provides Xanadu shareholders with the certainty of cash at a significant premium to Xanadu's share price, against a market backdrop of considerable uncertainty. 'Bastion is ideally positioned to advance Kharmagtai to the next stage of development with the benefit of Boroo's experience in acquiring, financing and developing mining operations in Mongolia." In July 2024, Bastion Minerals entered an agreement to purchase three copper projects in Canada. "Bastion proposes $102m takeover bid for Xanadu Mines" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
