Singapore-based City Developments (CDL) has increased its offer price for Millennium & Copthorne Hotels (M&C), while Asia Equity Exchange Group Inc (AEEX) is set to raise up to $15 million via its self-directed private placement.
CDL hikes buyout bid in M&C Hotels
From its original offer of 552.5 pence per share, CDL has raised its offer price to 620 pence a share. The offers include a special dividend of 7.5 pence and 20 pence respectively.
A part of billionaire Kwek Leng Beng’s Hong Leong Group, CDL currently holds a 65.2 per cent stake in M&C. The Singaporean firm said its latest offer, which values M&C at £2.01 billion (S$3.64 billion), is final.
CDL made the adjustments after some of M&C’s minority shareholders, including International Value Advisers (IVA), and MSD Partners, criticised its initial price offer as not reflective of the value of the hotel firm’s extensive property portfolio.
As the hotel arm of the CDL Group and Singapore’s largest international hotel group, M&C comprises over 130 hotels spread across 17 countries, including the gateway cities of London, New York, Paris, Auckland, Dubai, Beijing and Singapore.
CDL assured investors the final offer will not have any impact on the issued share capital of the company.
AEEX to raise $15m via private placement
Asia Equity Exchange Group Inc (AEEX) is set to raise up to $15 million after closing its self-directed private placement of 4.3 million shares of the company’s common stock priced at $3.5 apiece.
The total number of newly issued shares represent approximately 3.62 per cent of the issued and outstanding number of shares after giving effect to the subscription.
AEEX is a US-listed equity investment and financing information services company with a service centre in Hong Kong. It caters to small and medium-sized enterprises in Asia, particularly China.
The company plans to use the net proceeds for brand promotion, marketing development, information technology system and expenses in relation to the company’s plan of up-listing to the Nasdaq Capital Market or such other national securities exchange in 2018.
“Our team is eager to capitalize on the broadened recognition of AEEX’s brand and industry leadership in Asia, and turn each strategic initiative into long-term shareholder value,” AEEX CEO Xiangyu Wang said.