The latest in the deals space from Singapore companies has seen AsiaMedic Ltd acquiring healthcare provider LuyeEllium, while business trust Rickmers Maritime is disposing of marine assets in a $113 million deal to Navios Maritime Partners.
AsiaMedic acquires LuyeEllium
AsiaMedic Limited is acquiring LuyeEllium Healthcare – a provider of hospital management services to hospitals in South Korea and China – for a consideration of S$42.2 million ($30.2 million).
According to details in a stock exchange filing, AsiaMedic has entered into a conditional sale and purchase agreement with the shareholders of LuyeEllium Healthcare. This will be fulfilled via the issuance of 527.1 million new shares at 8 cents each.
Upon completion of the proposed acquisition, LuyeEllium will be a wholly owned subsidiary of the AsiaMedic. In addition, AsiaMedic is appointing an independent valuer to prepare a valuation report on LuyeEllium.
Rickmers Maritime disposes of fleet in $113m deal
Navios Maritime Partners L P (Navios Partners) is acquiring the entire fleet of distressed Singapore-listed trust Rickmers Maritime for $113 million. The trust entered into a master agreement on Thursday with Navios Partners Containers Inc and Navios Partners Containers Finance Inc for the conditional sale of its entire fleet of 14 containerships.
Navios Partners Containers and Navios Partners Containers Finance are units of Navios Partners, an international owner and operator of dry bulk and container vessels. Navios Partners will finance the acquisition through a $20 million equity investment and a secured loan facility under discussion.
The vessels being disposed of in the sale are currently under certain senior secured loan facilities extended to the trust for $113 million. Subject to the fulfilment of certain conditions, the sale of the vessels is expected to be completed on and from 15 May. However, there is no certainty or assurance the proposed sale will be completed.
In a filing by Rickmers Trust Management Pte. Ltd, the trustee-manager, the trust manager stated it had applied to delist from the SGX. The sale comes a week after the manager said that it would wind up the trust, due to a failure to find new investors to infuse equity.
Should the sale occur, proceeds will be applied towards the full repayment of the abovementioned senior secured loan facilities. The remainder will be distributed to the trust’s unsecured creditors and used for expenses permitted under the Business Trusts Act and the trust deed.