Singapore-based blockchain startup FundPlaces has raised $1.5 million in a funding round from SGX-listed Global Yellow Pages (GYP). In another development, Olive Tree Estates made its debut on the SGX Catalist following a reverse takeover transaction by Mainboard-listed Changjiang Fertilizer Holdings Limited.
FundPlaces raises $1.5m from GYP
In a filing, GYP explained: “The Proposed Subscription is in the Company’s ordinary course of business and part of the Company’s strategy to further develop its core property business, which includes activities such as property-related investments, holding of investments in property-related assets, and property development and management.”
Investment proceeds will see FundPlaces accelerate its expansion into markets including New Zealand and grow its presence in Singapore, the UK and Australia. It will also develop a mobile app and expand its workforce.
Last year, GYP ceased printing directories, its traditional core business, and shifted focus to developing its real estate unit. The investment in FundPlaces saw GYP’s wholly-owned subsidiary, FP Network (FPN), acquire a 50.11 per cent stake in FundPlaces.
Co-founded by Brian Wee, FundPlaces aims to develop blockchain technology that caters to the needs of the real estate investment sector with a cryptography-powered open distributed ledger system. This system allows investors to build a diversified real estate investment portfolio.
Olive Tree Estates debuts on Catalist
Olive Tree Estates Limited has listed on the SGX Catalist following a reverse takeover (RTO) transaction by Mainboard-listed Changjiang Fertilizer Holdings Limited. It acquired property developer Chiu Teng 8 Pte Ltd, real estate investor WBH Investments Pte Ltd and Kempas Land.
This saw the share consolidation of every 40 ordinary shares into 1 consolidated share in an exercise which was completed on 22 December 2017. It listed on the Catalist board on 29 December with an issue price of 21 cents. On the market opening on 4 January 2018, it was trading at 26 cents, 23.8 per cent above its issue price.
Olive Tree Estates Limited is a Singapore-based real estate company specialising in property development and investments, with growth ambitions in Singapore and the region.
Its market capitalisation is estimated at S$14 million ($11.2 million), with its listing bringing the total number of real estate companies and property trusts listed on the Singapore bourse to 108 firms, with a combined market capitalisation of more than S$203 billion ($152.5 billion).