SG Dealbook: Fu Yu mulls amalgamation; United Food placement

View of Singapore in the evening

Fu Yu Corporation is proposing an amalgamation and United Foods is raising funds through a share placement.

Fu Yu Corp proposes amalgamation

Fu Yu Corporation has proposed to amalgamate with two of its wholly-owned subsidiaries – Nanotechnology Manufacturing (NTM) and Solidmicron Technologies (SMT) – into a single consolidated entity.

Both NTM and SMT are Singapore-based and engaged in manufacturing activities. According to an SGX filing on Tuesday, Fu Yu explains that this move is meant to streamline the corporate structure and operations of Fu Yu Corporation, as well as to improve its financial performance.

This will be achieved through improved operational efficiencies, economies of scale and synergies from better resource allocation.

United Food raises funds in share placement

Malaysia’s United Food Holdings has placed out 22 million new shares to two individuals at 3.8 cents each. This amounts to S$836,00 in gross proceeds, with the placement price at a 35.7 per cent premium to its volume weighted average price of 2.8 cents for the trades on Friday.

According to United Food, the placement will raise net proceeds estimated at S$780,000 and finance the expansion of existing business operations, undertake business development activities, and pursue acquisition and joint venture (JV) opportunities.

Post-placement, the company’s issued share capital will increase from RMB 11.8 million to RMB 13.7 million. Net tangible assets per share will fall from the current 3.92 RMB cents to 3.3 RMB cents.

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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.