Corporate digest

IPC Corp

IPC Corp plans to pay out S$1.60 per share as part of a capital reduction exercise after the company completed the 14.9 billion yen (S$172.2 million) sale of seven hotels in Japan. The hotels' sale was completed on Thursday, said IPC, a property investment and development company. Net proceeds from the disposal will be used to fund the capital reduction payouts.

The proposed payout will represent a total payment of S$136.47 million.

Ezra Holdings

EZRA Holdings has agreed to buy subsidiary Emas Offshore's entire 12.13 per cent stake in Malaysia-listed Perisai Petroleum Teknologi for US$56 million, a 500 per cent premium to the shares' market value, Emas announced late on Wednesday. Emas said its stake in Perisai is worth US$11 million based on market prices. The agreed price of US$56 million is based on the cost of Emas's investment at inception.

Trendlines Group

TRENDLINES' medical incubator subsidiary has taken substantial but minority stakes in two early-stage medical companies and received an eight-year extension from the Israeli government for its incubator franchise. Trendlines Medical - Misgav took a 48.8 per cent stake in Tandem Technologies, a business aimed at improving the process of removing and retrieving colon polyps, for an undisclosed sum. Trendlines, a technology investor in the medical and agricultural fields, also took a 49.8 per cent stake in Zeev Implants, a company that is developing modular dental implant solutions, for an undisclosed sum. Trendlines announced separately that its incubator franchise from the Office of the Chief Scientist of Israel's Ministry of Economy has been extended to Dec 31, 2023. The franchise status provides Trendlines Medical with a grant of 4.94 million Israeli new shekels (S$1.79 million) over the life of the franchise, but will require Trendlines Medical to spend at least 10.08 million new shekels on incubator operations.

Singapore Myanmar Investco

MAINBOARD-LISTED Singapore Myanmar Investco (SMI), a diversified business group focused on Myanmar, has entered into an equally held joint venture with Tokyo-listed logistics services company, Senko Co. Together, they will set up and run a Singapore company, SMI-Senko Logistics Pte Ltd, to provide logistics and warehousing services in Myanmar.

Frasers Centrepoint

FRASERS Centrepoint Ltd (FCL) on Thursday said shareholders of Thailand-listed Golden Land Property Development approved the group's proposed 4.97 billion baht (S$195 million) investment in Golden Land at an extraordinary general meeting. The shareholders also granted a whitewash approval to waive FCL from having to make a mandatory tender offer for all of Golden Land's securities. The investment will be made by new shares subscription.

Triyards Holdings

TRIYARDS on Thursday announced contracts worth US$45.5 million. One of them involves building a scientific research vessel for Taiwan Ocean Research Institute, National Applied Research Laboratories, a Taiwan government agency. The other orders include two 26-metre wind farm crew transfer vessels and a 36-metre high-speed passenger ferry.