Corporate digest

Broadway Industrial Group

MAINBOARD-LISTED Broadway Industrial Group has inked a conditional sale and purchase agreement to sell its entire business of manufacturing actuator arms and related parts for US$50 million.

The proposed disposal to the Chinese firm, Suzhou Gefan Hardware And Plastic Industrial Co, requires the approval from Broadway shareholders, and will result in Broadway becoming a cash company.

Broadway's non-executive director Lew Syn Pau and Lau Leok Yee, who collectively own 41.2 per cent stakes, have each provided an undertaking to vote in favour of the proposed disposal.

Broadway's board thinks that the price of US$50 million is "fair and reasonable", and the deal presents a good opportunity to unlock value for shareholders. Broadway, having strengthened its balance sheet, will be able to explore more fully the various options available, the board added.

Sabana Reit

SABANA Real Estate Investment Management, the manager of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Reit), has appointed Yeo Wee Kiong, 65, and Willy Shee Ping Yah, 72, as independent and non-executive directors.

The appointments, with effect from Jan 1, require the endorsement of the independent unitholders of the Reit at the annual general meeting.

Mr Yeo has further been appointed the chairman of the nominating and remuneration committee and a member of the audit and risk committee. Mr Shee, also known as Shee Ping Yan, has been appointed a member of the nominating and remuneration committee.