SG Dealbook: Potential GKE Corporation acquisition; Eurosports Global acquisition

GKE Corporation is discussing potential investment by Chinese firms while Eurosports Global is planning to acquire ride hailing app Fly Taxi.

GKE Corporation subject to potential Chinese investment

GKE Corporation, which maintains interests in logistics and building materials, may see Chinese investment. This follows its substantial shareholders being approached to explore a possible acquisition. This was disclosed in an aftermarket filing by CEO Neo Cheow Hui on Wednesday. .

According to The Edge Singapore, the potential buyer is a state-owned Chinese enterprise. This reflects a movement of Chinese investors seeking to move capital out of China and investing them in assets in Southeast Asia and Singapore. GKE’s scrip has been rising in value in the past month and is now valued at nearly S$130 million.

The discussions are at a preliminary stage, with no assurance that any transaction will materialise. GKE’s single largest shareholder is chairman Chen Yong Hua, a Chinese national with interests in property, logistics and printing, who owns 9.83 per cent of the firm.

Another significant shareholder is Spencer Tuppani, who maintains a 7.05 per cent equity position in GKE. Tuppani sold his company, port services provider TNS Ocean Lines, to GKE in November 2016.

Eurosports Global to acquire SS Ventures

Eurosports Global plans to fully acquire Hong Kong-based SS Ventures, the operate of ride hailing mobile app Fly Taxi, it announced in a Wednesday filing. SS Ventures owns all all intellectual property (IP) relating to the app. The company is fully owned by Siu Tat Man.

Eurosports Global distributes ultra-luxury and luxury automobiles. It also provides short-term rental of supercars and runs a supercar sharing club. The acquisition is a diversification of its business. Additionally, it enables it to access the growing demand for mobile applications that connect passengers and transportation providers. It provides synergies with its existing business.

The acquisition is subject to due diligence and the relevant approvals from the SGX. A definite agreement is expected within 30 days of the MOU.

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