SG Dealbook: Kitchen Culture to raise $20m; Regal signs RM90m deal with Angkasa; Genting Singapore completes disposal

View of Singapore Arts Centre. Credit: Flickr/Brian Evans

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.

According to a filing with the Singapore Exchange (SGX), the aggregate cash consideration for the disposals was fully paid on completion.

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.

Also Read: 

SG Dealbook: Eucon buys media firm; China Everbright ups stake in Ying Li

SG Dealbook: SembCorp sells stake in Chinese firm; SunMoon raises S$15m from Yiguo

SG: Imperium Crown to divest Japanese properties; GIC to buy 50 % in UK mall; Memtech to sell land parcels

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.