Listed construction firm Liang Beng is planning to spin off its property development arm, TEE International has launched a JV and Accrelist is raising funds through a private placement.
Lian Beng considers listing property development business on Catalist
Construction company and property developer Lian Beng Group is considering a possible spinoff of its property development business through a public listing on the SGX Catalist.
The proposed spinoff and listing will provide a transparent valuation to benchmark the property development business and enable it to operate as a financially autonomous unit with the capability of raising its own funds, the company said.
Lian Beng is currently in the process of finalising the terms of the proposed spinoff and listing. Such a development may require shareholder and other requisite approvals.
TEE International launches Malaysia JV
Engineering and property group TEE International has formed a joint venture (JV) firm with Malaysian Solar Resources (MSR) to tender for upcoming solar projects in Singapore as well as to explore solar investment opportunities in Southeast Asia.
MSR is a Malaysia-based solar solutions and services provider and will hold a 49 per cent stake in the JV. In a statement, Edwin Neo, head of TEE’s infrastructure business, said, “Moving ahead, TEE Infrastructure will be well positioned to expand into the solar sector through the acquisition of brownfield assets and securing of new solar installation tenders in Singapore and the region.”
Accrelist to raise $2.96m via private placement
Accrelist is raising $4 million ($2.96 million) in a private placement of 500 million new shares at 0.8 cent each to investors Liu Song and Summit Planners Advisory Group. About 250 million new shares will be placed to each subscriber.
The deal is subject to shareholder approval and represents a 0.07 per cent interest in the enlarged share capital of the firm, with 5.7 billion shares.
According to the company, it will use 75 per cent of net proceeds, estimated at S$3.94 million, to support M&A activities in the e-medical space. The remaining 25 per cent will be deployed for working capital purposes in Accrelist’s subsidiary, WE Pay.
WE Pay’s e-Wallet initiative will see the funds used to find the establishment of an apps team, as well as co-share an office with its subsidiary, Jubilee Industries Holdings, in Shenzhen High-Tech Industrial Park.
WE Pay intends to purchase point of sale (POS) machines as part of its digital wallet solution while awaiting its remittance license from MAS.