The following companies saw new developments that may affect trading of their securities on Monday (Dec 12):
Alset International (40V): Catalist-Listed Alset International said on Saturday (Dec 10) that it has entered into an agreement to sell American Home Reit for a consideration of around US$26.3 million to its controlling shareholder.
American Home Reit is wholly owned by Alset International’s 99.99 per cent subsidiary, Alset EHome. It is in the business of rental of real estate in the US, and currently has a portfolio of 112 single family rental units.
The purchaser, Alset Inc, is a controlling shareholder of Alset International. Together with its subsidiaries, it holds around 85.4 per cent of the total issued and paid-up share capital of the company.
Yeo Hiap Seng (Y03): Food and beverage company Yeo Hiap Seng’s group chief executive officer (CEO) Samuel Koh has resigned and will hand over the helm to current chief operating officer Ong Yuh Hwang from Jan 1, 2023.
Koh, who joined Yeo’s in January 2020 and became group CEO in March, will take on the role of consultant from Jan 1 to Jun 3 next year – or at an earlier date mutually agreed upon – to ensure an orderly transition. Koh resigned to pursue other interests, the company said in a statement on Friday (Dec 9).
Ong served as CEO of Suntory Garuda Beverage Indonesia for over two years before joining Yeo’s as chief operating officer in September 2022. At Suntory Garuda, he was responsible for end-to-end business across all functions.