QT Vascular has raised S$620,000 from Gem Global, while UMS Holdings and OCBC have made strategic investments in separate companies. In other news, Soo Kee Group has fully acquired Diamond Avenue Investments.
QT Vascular raises funds
QT Vascular has raised S$620,000 from Gem Global. The manufacturer of coronary products has sold a total of 55.5 million new ordinary shares in the company at 1.125 cents each to GEM Global Yield Fund LLC SCS and GEM Investments America LLC, an associated company of GEM Global.
The capital raised will be used for QT Vascular’s working capital and will see GEM Global own a 2.8 per cent stake in the enlarged share capital of the former.
The issue price was based on a 10 per cent discount to the average daily volume-weighted average price (VWAP) of 1.25 cents each during the evaluation period which comprised mainly the trading weeks from the last week of Nov 2017 to the first week of Jan 2018.
UMS Holdings picks stake in JEP Holding
Precision engineering firm UMS Holdings has acquired a 7.48 per cent stake in JEP Holding, having subscribed for 109 million ordinary shares for a consideration of S$5.7 million.
The shares were acquired through the open market, with the sales consideration funded through internal resources.
OCBC increases stake in China’s Maxwealth FMC
Lion Global Investors, a subsidiary of Oversea-Chinese Banking Corporation (OCBC), has increased its holding in China’s Maxwealth Fund Management Company (FMC) to 28.51 per cent from 10 per cent earlier. It acquired an additional 37 million shares for a consideration of RMB61.45 million (S$12.6 million).
With the latest transaction, Maxwell FMC becomes an associate company of OCBC. The remaining 71.49 per cent interest in FMC is held by Bank of Ningbo, which is also an associate company of OCBC.
According to OCBC, the consideration for the acquisition was arrived at based on FMC’s audited net book value of RMB 1.66 per share as at end 2017. The transaction was funded by internal resources.
Soo Kee unit acquires Diamond Avenue Investments
Soo Kee Group’s subsidiary Love & Co. International is acquiring 100 per cent of Diamond Avenue Investments for S$17,955. This comes after Love & Co. terminated a July MoU to form a China joint venture (JV) with Global Crown Group Holding and Diamond Avenue.
The consideration will be funded by Soo Kee’s internal resources. The company said the proposed acquisition will enable it to proceed with its plans to capitalise on the growth opportunities presented by China’s growing bridal jewellery market.
Diamond Avenue and its subsidiaries have net assets and net tangible assets of HK$1.23 million as at 31 December 2017. The seller has waived Diamond Avenue’s obligation to repay HK$104,858 ($17,738) owed to it as at 31 December 2017.