mm2 Asia, SPH

NEWS site AsiaOne Online, a joint venture between mm2 Asia and SPH Invest, has named Sean Ler as chief executive officer (CEO).

Effective June 16, he will take over the role from Chang Long Jong, interim CEO of AsiaOne and group CEO of mainboard-listed mm2 Asia. Mr Chang remains as mm2 Asia's group CEO and an AsiaOne director.

Mr Ler, who joined mm2 Asia last month as head of group digital strategy, will oversee AsiaOne's strategy to grow audiences both locally and regionally.

SPH Invest is a wholly-owned subsidiary of Singapore Press Holdings, which publishes The Business Times.

Aspial Corporation

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JEWELLERY group Aspial Corp will be taking its Catalist-listed property unit World Class Global (WCG) private after gaining 98.48 per cent shareholder approval at a scheme meeting.

All WCG shares held by its shareholders - other than those held by Aspial - will be transferred to Aspial. The shareholders will receive new ordinary shares in Aspial in exchange, at a rate of S$0.21 per WCG share to S$0.19 per Aspial share.

WCG's businesses include property development, property investment, and the operation of hotels.

Singapore Exchange

THE Singapore Exchange (SGX) has launched the world's first environment, social and governance (ESG) real-estate investment trust (Reit) derivatives. The new SGX Nikkei ESG-Reit Index Futures contract aims to meet rising demand for integrating ESG considerations into investment portfolios, and will fast-track access to the Japanese Reit sector for global asset managers and investors.

SGX head of equities Michael Syn noted "strong investor demand for yield, deep liquidity and keen issuer participation".

Ezion Holdings

EZION Holdings has inked memorandums of agreement to sell five vessels to Hoe Ee Trading for a total of US$8.9 million, which will be used to repay the group's secured bank loans.

The disposals of these five self-ballastable barges will also allow Ezion to stop incurring further operating costs and liabilities, as it does not have the funding to reactivate and deploy the vessels for work. Ezion said the estimated loss on the disposals would amount to US$16,325.

The buyer provides engineering services to the shipbuilding industry and specialised marine equipment to offshore oil and gas players.

GHY Culture & Media

ENTERTAINMENT group GHY Culture & Media will set up a talent management agency with its shareholder and customer iQiyi International Singapore.

GHY's subsidiary will hold a 70 per cent stake in the joint-venture firm while iQiyi will own 30 per cent. The Singapore-based agency will focus on providing services in South-east Asia. GHY said this is part of its business strategy and growth plans to expand its regional reach.