Friday, December 28, 2007

Singapore Corporate News - 28 Dec 2007

CAO completes partial divestment of Xinyuan

CHINA Aviation Oil (CAO) has completed the partial divestment of its 80 per cent stake in Xinyuan Petrochemicals by selling 41 per cent to Shenzhen Juzhengyuan Petrochemicals, an existing shareholder of Xinyuan. Since CAO's stake has been reduced to 39 per cent, Xinyuan ceases to be a subsidiary and becomes an associated company. The remaining equity interest in Xinyuan is now 60 per cent held by Shenzhen Juzhengyuan and one per cent held by CAO's holding company China National Aviation Fuel Group Corporation.

Raffles Education sets up subsidiary

RAFFLES Education says it has set up a wholly owned subsidiary called Oriental University City in the Cayman Islands with an issued share capital of US$1. None of the company's directors or substantial shareholders has any direct or indirect interest in the new unit.

Alexandra Road site draws six bids

A RESIDENTIAL site at Alexandra Road saw a bullish six bids and a top bid of $288.4 million - or $639 per square foot per plot ratio (psf ppr) - at the tender's close yesterday.

The top bid for the 92,100 sq ft site was jointly put in by Wing Tai Holdings and United Engineers (UE).

Other bidders include familiar names such as Singapore's Hong Leong Group, GuocoLand and Frasers Centrepoint, as well as mainboard-listed Lafe Technology, which designs and manufactures computer magnetic heads.

China Food to acquire 75% of PMI from STB Technologies

CHINA Food Industries (CFI), whose shares have been suspended from trading since Dec 29 last year, has entered into an agreement to acquire 75 per cent of a chemical products manufacturer for $18.75 million.

In an announcement yesterday, CFI said the proposed acquisition of Pyramid Manufacturing Industries (PMI) from STB Technologies will be funded by the issue of 1.17 billion new shares to STB Technologies' ultimate holding company Sitt Tatt Bhd (STB) at 1.6 cents each.

STB, which currently holds a 75 per cent stake in CFI, will end up with 91 per cent of the enlarged paid-up capital upon completion of the proposed transaction. QAF, which has a current 14 per cent stake in CFI, will see its holding dilute to 5 per cent.

C&O to distribute Jap antibiotic in China

MAINBOARD-LISTED C&O Pharmaceutical Technology (Holdings) has been appointed by Japan's Meiji Seika Kaisha as the China distributor for a new-generation cephalosporin antibiotic known as Meiact.

The five-year distributorship beginning from January 1, 2008, was awarded by Meiji Seika's subsidiary Shantou Meiji Pharmaceuticals. Meiji Seika is a Tokyo-listed food and pharmaceutical company.

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