<article>Memstar Technology is seeking to recover its $5 million refundable deposit for an RTO of Longmen Group, while Uber is planning to launch a food delivery service, UberEats, in Singapore.</article>

Memstar Technology is seeking to recover its $5 million refundable deposit for an RTO of Longmen Group, while Uber is planning to launch a food delivery service, UberEats, in Singapore.
<h3 style="text-align: justify;">Memstar seeking to recover $5m deposit, exit offer extended</h3>
<a style="color: #000080;" href="http://dealstreetasia.com/tag/memstar-technology" target="_blank">Memstar Technology</a> announced in a stock exchange filing to the <a style="color: #000080;" href="http://dealstreetasia.com/tag/sgx" target="_blank">Singapore Exchange (SGX)</a> that is had received a delisting notification from the on 18 May, 2016, following its failure to meet requirements for a new listing.
This is despite being granted a six-month extension to do so, even as Memstar notified shareholders in April 2016 that its proposed reverse takeover (RTO) of natural gas developer Longmen Group had been terminated. The termination was due to concern over the Longmen Group being able to secure additional funds.  Currently, the firm is in talks with Longmen Group to recover a $5 million refundable deposit that Memstar paid for the RTO deal.
SGX has given notice to Memstar that it is extending its time to make an exit offer to shareholders that is reasonable, in accordance to listing rules. Additionally, it is requesting information of an exit proposal offer “as soon as practicable”, no later than one month from the date of the delisting notification.
Memstar Technology shares will be traded until 1705hrs on 17 June 2016, with trading suspended from 9 am on 20 June. This suspension will continue until an exit offer has been completed by Memstar.
<h3 style="text-align: justify;">Uber to launch UberEats in Singapore</h3>
Singapore is set to the global on-demand taxi service app Uber launch <a style="color: #000080;" href="https://ubereats.com/" target="_blank">UberEats</a>, its food delivery service, in the city-state. Via an announcement to users through Twitter and email, it shared that impending launch, though the date is undisclosed.
Prior to this announcement, UberEats was only available in 14 cities in the United States, Australia, Canada, and France. This makes Singapore the first Asian city to receive the service. A separate app from the main Uber one, Singapore will see UberEats competing with players like <a style="color: #000080;" href="http://dealstreetasia.com/tag/foodpanda" target="_blank">FoodPanda</a> and <a style="color: #000080;" href="http://www.dealstreetasia.com/tag/deliveroo/" target="_blank">Deliveroo</a> in the city-state.
Regional rival <a style="color: #000080;" href="http://dealstreetasia.com/tag/grab" target="_blank">Grab</a>, which is headquartered in the city-state, has not launched a food delivery service in Singapore to date, though is testing such a service, GrabFood, in Jakarta.
Also Read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/google-temasek-see-s-e-asia-web-economy-reaching-200b-41909/">Google, Temasek see SEA web economy reaching $200b</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/shanda-group-reports-11-7-percent-stake-in-lendingclub-41880/">Singapore investor Shanda Group picks 11.7% in US-based P2P platform LendingClub</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/ida-singapore-govt-to-offer-s2-82bn-in-ict-tenders-41783/">Infocomm Development Authority says Singapore will offer S$2.82b in ICT tenders this year</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/sg-dealbook-25-41435/">Singapore: PwC launches family business centre, Top Glove gets nod to list on SGX</a>

Memstar is seeking to recover an RTO deposit, while Uber is launching a food delivery service called UberEats in Singapore

Singapore: Memstar seeks recovery of RTO deposit, Uber to launch UberEats

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Singapore: Memstar seeks recovery of RTO deposit, Uber to launch UberEats

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief