Kitchen Culture Holdings plans to raise over $20 million in a subscription agreement with Crede Cg III Ltd, Regal International Group signs a RM90 million property deal with Malaysia’s Angkasa and Genting Singapore completes the disposal of its stake in an integrated resort in South Korea.
Kitchen Culture Holdings enters subscription agreement and plans to raise $20m
Kitchen Culture Holdings Limited announced on Tuesday that it will raise over $20 million in principal amount of convertible senior notes to Crede CG III Ltd, a wholly-owned subsidiary of Crede Capital Group LLC.
The company intends about 10 to 20 per cent of the proceeds to be used for the repayment of debts and shareholder’s loans and advances. The remaining will go towards capital expenditure, growth expansion and general working capital.
Regal International sign RM90m deal with Angkasa
Regal International Group has signed a RM90 million deal with Malaysia’s Myangkasa Bina Sdn Bhd or Angkasa, for the sale of 276 residential units involved in Negeri Sembilan.
The units are part of Regal’s Airtrollis property development project which will be erected for the project’s third phase.
As per the agreement, Angkasa will market and sell all residential apartments, or purchase all unsold units upon completion, for an aggregate value of RM90 million.
Mr Nicholas Wong, Executive Director of RIG said, “Our property sales momentum continues to gather strength, driven by our reputation as a quality developer, our resilience, adaptiveness and strong market network.”
The third phase will commence in 2017 and is slated for completion in 2020.
Genting Singapore disposes stake in South-Korea resort for S$96.3m
Genting Singapore said it has completed the disposal of its stake in an integrated resort in Jeju, South Korea for S$96.3 million.
The aggregate cash consideration for the Disposals was fully paid on completion and the total sum received by the group was $411.1 million.
In a filing to the Singapore Exchange, the group also said it has ceased to have any equity interest in Callisto Business Limited, Happy Bay Pte. Ltd., Landing Jeju Development Co., Ltd., Landing L&B LLC. and Autumnglow Pte. Ltd.
Genting Singapore has completed the disposal of its stake in an integrated resort in Jeju, South Korea. Genting Singapore disclosed that the total cash consideration for the disposals is approximately $411.1 million (~S$596.3 million) and the gain on the Disposals is approximately S$96.3 million.
The divestment comes at a time when the casino gaming and entertainment sector in the Asia Pacific is increasingly competitive. Currently, China’s gaming capital of Macau competes with the likes of South Korea, Cambodia, Malaysia, Singapore and the Philippines – all destinations which are cheaper than Singapore and can provide a greater diversity of entertainment options than either Singapore or Macau.
Japan is also set to enter the space, which will impact Genting and other firms in this sector. Even Genting Singapore entering the Japanese market is likely to see limited success and a limited footprint, given that it will require the formation of a joint venture (JV) with a Japanese partner according to OCBC Investment Research.
In this, any attempts to enter the Japanese market will see it face competition from Las Vegas Sands, which has an established footprint and a long history of operations in Las Vegas, Macau and in Singapore.
This disposal of the stake in the Jeju resort and its exit in the market also comes following the Jeju government’s announcement of tourism policy changes aimed at enhancing its appeal to international tourists and lessening its dependence on Chinese tourists.