Jasper Investment: Two new majority investors on Monday launched a bid to buy out the remaining shares in Jasper Investment after taking a controlling stake of over 80 per cent in the vessel management and operations outfit through a S$1.25 million share purchase deal.
Triton No 9 Pte Ltd and Polaris Nine LLP have concluded a sale-and-purchase agreement to absorb 80.77 per cent of Jasper Investment from Morton Bay Pte Ltd. The acquisition deal valued shares in Jasper at S$0.004. Triton and Polaris are extending a mandatory offer to buy the interests held by the minority shareholders of Jasper at the same price of S$0.004 per share.
Tiger Airways: The Competition Commission of Singapore (CCS) has approved a strategic alliance agreement between Tiger Airways and Cebu Pacific, which will allow the two budget carriers to work more closely together for the Singapore and Philippine markets.
Tigerair and Cebu Pacific also have an existing interline partnership and the green light from the CCS will now enable them to build upon it. Among the benefits that travellers can look forward to is better connectivity across both carriers' networks.
International Healthway Corporation (IHC): The company on Monday announced terms for its proposed acquisition of Healthway Medical Corporation (HMC). The consideration for each HMC share is S$0.10 and will be satisfied through the issue of new shares in IHC at an issue price of S$0.45. No cash will be paid to HMC shareholders. Each HMC shareholder will be entitled to one consideration share for every 4.5 HMC shares. Once the acquisition goes through, HMC will be delisted.
Soilbuild Construction: The group's subsidiary Soil-Build has won the tender for the lease of land at Airport Road (Defu 1) from the Building and Construction Authority for S$26 million. The land area is around 20,400 square metres and the lease term is 30 years starting September this year.
The group estimates that it will further invest about S$50 million over the next two years to build an integrated construction and precast hub and procure highly automated precast equipment. Construction is expected to start in November, and the plant is scheduled to start operations in the fourth quarter of 2017.
Magnus Energy: A subsidiary of the group is forking out A$1 million (S$1 million) in cash to subscribe for eight million shares in a new Australian oil-and-gas company. The unlisted firm, Royal, was incorporated in June, and seeks to hold equity stakes in developed or near-production assets. Royal is in the process of raising funds for its plans, and intends to raise between A$5 million and A$10 million.
Q&M Dental Group: The group on Monday said it has completed the acquisition of TP Dental Surgeons, a multidisciplinary centre offering a complete range of dental services in the premium dental market. It has, however, revised downwards the profit target with TP Dental's shareholder and dentist in charge Hwang Yee Cheau, and will retain S$1.6 million from Dr Hwang's portion of the cash consideration for the eight-year period that the profit target agreement is in force.