SG Dealbook: Lian Beng spinoff; TEE International JV; Accrelist placement

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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.

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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.