THE following companies saw new developments that may affect trading of their securities on Tuesday (Jan 3):
Japfa: AGRI-FOOD group Japfa’s plan to unlock value has encountered minor hurdles, after shares of its newly-listed China dairy unit ended their first day of trading below the offer price. The listing also led S&P Global Ratings to downgrade the group’s Indonesian unit Japfa Comfeed Indonesia.
The company had sold 30.6 million shares, split on a 90-10 basis: 27.6 million shares were listed as “international offer shares” and 3.1 million shares were listed as “Hong Kong offer shares”. The international offer received applications for 1.16 times the number of shares on offer, while the Hong Kong offer was 2.08 times subscribed.
Rex International: A UNIT of Rex International will pay US$1 million to acquire more shares of Xer Technologies, a Singapore-registered commercial drone company.
The move will bump its existing shareholding interest in Xer from 40 per cent to about 53 per cent, making the company a subsidiary of Rex.
Additionally, as part of the deal, the wholly-owned subsidiary Rex Technology Investments (RTI) will have to enter into a shareholders’ agreement that would oblige it in having to inject a capital amount of up to S$3 million if Xer achieves certain technical and sales milestones.
Starhill Global Reit: STARHILL Global Real Estate Investment Trust (Reit) has agreed to sell its entire beneficial interests in a Tokyo property for 1.88 billion yen (S$18.9 million), its manager said in a statement on Friday (Dec 30).
The sale consideration is a 39 per cent premium to its latest valuation and 2.9 per cent premium to its acquisition price, in what the Reit manager described as “attractive”. The Reit acquired the property in 2007.
The manager added that the amount would translate to a yield of 2.77 per cent, based on the net property income for the financial year ended Jun 30, 2022.
Oiltek: OILTEK International has secured a cumulative value of new contract wins worth RM196.1 million (S$59.7 million) for the financial year ending December 2022.
This comes after the integrated process technology and renewable energy solution provider’s subsidiary in December 2022 secured new contracts in Indonesia worth about RM43.5 million.
Its latest round of contract wins involve the design, fabrication, supply, and commissioning of a new 1,000 metric tonnes per day (MTD) physical refinery plant; a new 1,000 MTD dry fractionation plant; and a new downstream premium specialty animal feed product processing plant in Indonesia, the group said on Tuesday (Jan 3).
Comments