Asia Digest: CDL ups buyout offer for M&C Hotels; AEEX’s $15m private placement

Millennium Gloucester Hotel London Kensington. Photo: Millenium website

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

Singapore’s City Developments (CDL) has raised its buyout offer for Millennium & Copthorne Hotels (M&C), a London-listed company and one of the world’s largest hotel owners and operators.

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.

Also Read:

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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.

Also Read:

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.