SG Dealbook: China Star Food lists, Perennial Real Estate’s $200m bond offer

Singapore Exchange. Photo: Bloomberg

Chinese sweet potato snacks manufacturer China Star Food Group has successfully listed on the Singapore Exchange Limited’s Catalist board, while property firm Perennial Real Estate Holdings has announced its intent to offer S$200 million in four-year bonds.

China Star Food Group lists on SGX Catalist board

Fujian-based China Star Food Group, a company that specialises in the production and sale of sweet potato snacks, has officially listed on SGX Catalist board, according to a filing this morning.

The company, previously known as China Star Food Holdings Pte. Ltd., was formed through a reverse takeover of Brooke Asia Limited in  September 2015.

China Star Food Group’s products include sweet potato cookies, candies, pastries and other preserved foods made from purple and orange-fleshed sweet potatoes, the listing said. It added that China Star Food Group generally sells these snacks to some 300 distributors and wholesalers, who would in turn sell the food items on e-commerce sites, and in supermarkets, petrol kiosks, convenience stores and specialty store in China.

Liang Chengwang, the CEO of China Star Food Group said in a statement that the group believes that the listing will raise the profile of the company as one of the leading manufacturers of healthy food snacks in the PRC.

Through its wholly-owned subsidiary, Fujian Zixin Biological Potato Co., Ltd., the Group operates three wholly-owned subsidiaries incorporated in China, namely Fujian Zilaohu Food Co., Ltd, Liancheng Dizhongbao Modern Agriculture Development Co., Ltd., and Fujian Xingpai Food Co., Ltd.

Mohamed Nasser Ismail, the head of equity capital market (SME) and capital market development at SGX also said that China Star Food Group will ride on China’s growing consumer market, especially with “an increasingly affluent middle class that demand healthier snack options”.

According to Ismail, the food group has plans to export its products to other markets like Japan. Shareholders who participated in this listing have also been given an option to increase their stakes in the company within two years of its listing.

China Star Food Group opened at S$0.23 Wednesday morning.

Perennial Real Estate Holdings Limited to offer S$200 million in bonds

Singapore-listed property company Perennial Real Estate Holdings Limited has announced its offer of up to S$200 million (about $149 million) in four-year 4.55 per cent bonds due 2020, according to a filing this morning.

In the event of over-subscription, Perennial Real Estate Holdings may issue an extra S$100 million in bonds at the same issue price to satisfy the excess demand, said the company.

However, the aggregate principal amount of bonds issued by the company will not exceed S$300 million.

On the other hand, if the company fails to receive a minimum of S$25 million, it has the right to cancel the offer. Full details of the offer and bonds will be addressed in the offer information statement, alongside a product highlights sheet, issued by Perennial Real Estate Holdings in connection with the offer.

An announcement containing information on the offer like the principal terms of the bonds, expected timetable of key events and payment and application procedures will also be made after the company lodges the offer information statement and products highlights sheet with the Monetary Authority of Singapore (MAS).

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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.