Company Briefs
Heeton, Lian Beng, KSH in Cambodia land deal
IMPERIAL South East Asia Investment (ISEA) has inked a deal with Cambodian national Lok Oknha Sear Rithy to acquire a piece of land in Cambodia for US$64 million, with plans to redevelop the existing hotel on it. ISEA is 32.65 per cent owned by Heeton Holdings, 32.65 per cent owned by Lian Beng Group and 34.7 per cent owned by KSH Holdings.
Asiasons' Black Elk acquisition off
ASIASONS Capital's attempt to acquire 20 per cent of the issued common units in the share capital of Black Elk Energy Offshore Operations has been unsuccessful. The total purchase consideration was to have been US$96.4 million. "As no definitive agreement was entered into by the parties within the agreed deadline, the term sheet has lapsed," said Asiasons yesterday in an announcement.
CCM to pay indemnity of $4.73m
CCM Group will have to pay $4.73 million as indemnity to The Overseas Assurance Corp. The latter was asked to pay this sum to 70 Shenton Way Pte Ltd under a performance bond relating to a Shenton Way contract. CCM had earlier said that its wholly owned subsidiary, CCM Industrial Pte Ltd, received a notice of termination of the contract, on the grounds of alleged contract breaches. Because the payment of the indemnity will "initially impact the group's financial position negatively", CCM said it was considering various options to ensure that there will be adequate working capital for the next 12 months. It is also seeking legal advice on the contract termination.
CDL's CES no longer subject to buyout
City Development Ltd's (CDL's) Hong Kong-listed City e-Solutions (CES) is no longer subject to a buyout by an independent third party. A memorandum of understanding (MOU) had earlier been accepted, after the purchaser had expressed non-binding interest in acquiring from CDL's wholly owned subsidiaries an approximate 52.52 per cent interest in the issued share capital of CES. CDL said in an announcement yesterday: "The purchaser has not met the terms of the MOU and has demonstrated by its conduct that (it) is not proceeding with the transaction. As there were substantial differences between the parties, no agreement has been reached on the terms of the sale and purchase agreement."
