Latest news with #Singapore-incorporated
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
Straits Times
02-05-2025
- Business
- Straits Times
iFast secures MAS trust business licence, enhances wealth management capabilities
IFast Global Trust aims to lower conventional barriers and extend trust solutions to more investors. PHOTO: IFAST SINGAPORE - IFast Corp announced on May 2 that its global trust, a Singapore-incorporated entity within the group, has been granted a trust business licence by the Monetary Authority of Singapore. This development expands iFast's wealth management capabilities by enhancing its platform to support clients across the entire wealth lifecycle, from accumulation and growth to preservation and legacy planning. Trust structures historically play a crucial role in preserving generational family wealth, offering financial security for dependents such as minors and the elderly, facilitating business continuity and succession planning, and protecting assets against potential risks or mismanagement. However, trust solutions are typically limited to high-net-worth (HNW) individuals, largely due to high costs, complex structures and stringent entry requirements. With the establishment of iFast Global Trust, the group aims to lower conventional barriers and extend trust solutions to more investors. The new offerings will cater not only to the HNW segment through bespoke structures, but also to the broader market by removing typical constraints such as high minimum asset thresholds and cumbersome onboarding processes. These trust solutions are powered by iFast's proprietary IT infrastructure, and will be accessible via iFast Singapore's business-to-business platform for financial advisers and other financial institutions, business-to-consumers FSMOne platform, and the adviser-assisted iFast Global Markets platform. Tan Check How, general manager of iFast Global Trust, said: 'iFast Global Trust recognises that today's clients value affordability, transparency and convenience alongside service excellence. The digital platform underpinning the trust solutions allows for efficient management, integration with legacy planning goals and direct access to a broad suite of financial products through iFast's investment platform.' On April 28, the group's share price tumbled 11.7 per cent after the investment platform operator cut its Hong Kong operations' profit before tax target for 2025 to HK$380 million (S$64.3 million) from its previous guidance of HK$500 million. The pre-tax profit of its Hong Kong business fell 6.8 per cent toS$12.3 million due to higher investments in the ePension division ahead of onboarding. Based on its earnings report released on April 25, the Singapore-based company posted a 31.2 per cent year-on-year rise in net profit to $19 million for the first quarter ended March 31. This was driven by a 24.4 per cent increase in revenue to $106.9 million. The company also declared an interim dividend of 1.6 shares a share, up from 1.3 cents in the year-ago quarter. Shares of iFast Corp were up 2.1 per cent to $6.35 as at 2.19pm on May 2. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
02-05-2025
- Business
- Business Times
iFast receives MAS trust business licence, enhances wealth management capabilities
[SINGAPORE] iFast Corp announced on Friday (May 2) that its global trust, a Singapore-incorporated entity within the group, has been granted a trust business licence by the Monetary Authority of Singapore. This development expands iFast's wealth management capabilities, further enhancing its platform to support clients across the entire wealth lifecycle, from accumulation and growth to preservation and legacy planning. Trust structures historically play a crucial role in preserving generational family wealth, offering financial security for dependents such as minors and the elderly, facilitating business continuity and succession planning, and protecting assets against potential risks or mismanagement. However, trust solutions are typically limited to high-net-worth (HNW) individuals, largely due to high costs, complex structures and stringent entry requirements. With the establishment of iFast Global Trust, the group aims to lower conventional barriers and extend trust solutions to more investors. The new offerings will cater not only to the HNW segment through bespoke structures, but also to the broader market by removing typical constraints such as high minimum asset thresholds and cumbersome onboarding processes. These trust solutions are powered by iFast's proprietary IT infrastructure, and will be accessible via iFast Singapore's business-to-business platform for financial advisers and other financial institutions, business-to-consumers FSMOne platform, and the adviser-assisted iFast Global Markets platform. Tan Check How, general manager of iFast Global Trust, said: 'iFast Global Trust recognises that today's clients value affordability, transparency, and convenience alongside service excellence. The digital platform underpinning the trust solutions allows for efficient management, integration with legacy planning goals, and direct access to a broad suite of financial products through iFast's investment platform.' Shares of iFast closed on Wednesday 1.3 per cent or S$0.08 lower at S$6.22.
Business Times
01-05-2025
- Business
- Business Times
SP Tao's family selling its offices in SGX Centre 2 for S$39.5 million
[SINGAPORE] The family of the late tycoon SP Tao is selling its space on the top two levels of the 29-storey SGX Centre 2 in Shenton Way for a total of S$39.5 million. This works out to about S$2,629 per square foot (psf) for the total strata area of about 15,026 square feet (sq ft). SGX Centre – comprising a two-tower 29-storey office building and podium – is on a site with 99-year leasehold tenure from November 1995, leaving a balance of about 69.5 years. The project, which is home to the Singapore Exchange among other tenants, was developed on the combined site of the former 22-storey Shing Kwan House and five-storey ICB (Industrial and Commercial Bank) Building. SGX Centre was completed about 25 years ago. The recent sale of the Tao family's space involves two transactions at SGX Centre 2. The whole of level 29, nearly 10,215 sq ft, is changing hands at S$26.85 million. In addition, about 4,811 sq ft on part of level 28 has fetched S$12.65 million. The two spaces are being sold to different Singapore-incorporated entities which have some common shareholders. The seller in both transactions is Shing Kwan (Pte) Ltd, owned by Tao's family. He died in 2021 at the age of 104. SP Tao, or Tao Shing Pee, used to own the penthouse and six car-parking spaces in Shing Kwan House, which he developed in 1973 through Shing Kwan Realty. In the same year, he became Singapore Land's (SingLand) chairman and major shareholder. 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 In 1990, Tao lost a takeover battle for SingLand and eventually exited the group in early 1996. In late 1997, prior to the development of the SGX Centre project, Tao agreed to transfer his penthouse and six car-parking spaces in Shing Kwan House to SingLand's wholly owned subsidiary Shing Kwan Realty (now known as SL Realty). In exchange, he received the entire 29th storey and part of the 28th storey of SGX Centre 2. SingLand owns the rest of the 28th floor as well as the bulk of SGX Centre 2, in addition to some space in SGX Centre 1. SGX Centre 1 is mostly held by UOB group. Last week, the Urban Redevelopment Authority released data showing that its price index of office space in Singapore's central region dipped 0.2 per cent quarter on quarter in Q1 2025, after slipping 0.7 per cent in the fourth quarter of 2024. For the whole of 2024, the price index appreciated 1.8 per cent. Savills Singapore noted recently that investment sales in the Singapore office market were lukewarm in the first quarter, which it attributed to a cocktail of factors. 'These include aggressive asking prices by sellers, fewer-than-expected (Federal Reserve) rate cuts, limited availability of investible-grade properties, and economic uncertainties arising from trade disruptions caused by US President Trump's tariff policies and ongoing geopolitical tensions,' Savills said. The property consulting group has maintained its forecast for overall Grade A Central Business District office rents to remain flat in 2025. 'As vacancy levels among most of the premium AAA-grade buildings are very low, they may still be able to eke out a 2 per cent year-on-year increase,' it added.
