Corporate digest

Serial System

SERIAL System has placed an aggregate of nine million treasury shares in the capital of the company for S$0.15 per share, the electronic components distributor said in a bourse filing on Monday.

Net proceeds are estimated at around S$1.4 million and will be used to invest in new corporate ventures in the technology space, with a focus on financial technology.

After the placement, the company expects its pro forma net tangible assets per share to be at US$15.41, from US$15.45.

NGSC

THE mainboard-listed firm said in a bourse filing on Monday that it will seek minority shareholders' approval at an extraordinary general meeting (EGM) to cancel all of their 4,748,638,828 shares for 0.155 cent per share in cash through selective capital reduction in its bid to delist from the Singapore Exchange.

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After the capital reduction, the company's share capital will go from S$145.6 million comprising some 6.42 billion shares, to S$138.3 billion comprising 1.68 billion shares, representing a reduction of about 73.9 per cent in total issued shares.

Fragrance Group

THE offer for Fragrance Group has turned unconditional as the offeror JK Global Treasures and parties acting in concert have secured over 50 per cent of the total issued shares, said the offeror on Monday. It had garnered about 91.5 per cent of the total shares with parties acting in concert as at 6pm on July 11.

The offer document will be sent between 14 and 21 days from when the offer was announced. The offer price is 13.8 Singapore cents per share.

Singapore Exchange

TOTAL market turnover value on the SGX fell 11 per cent on the month to S$26.8 billion in June, while securities daily average value stood at S$1.22 billion.

Market turnover value of structured warrants and daily leverage certificates almost doubled month on month to S$613 million, SGX said in its monthly market statistics report. Increased risk-management demand drove a 5 per cent month-on-month rise in derivatives traded volume, which hit a three-month high in June.

OCBC

LION Global Investors and OCBC Securities will be listing a new China-focused exchange-traded fund (ETF) on Aug 2, OCBC said in a press statement on Monday.

The Lion-OCBC Securities China Leaders ETF tracks the Hang Seng Stock Connect China 80 Index, which comprises the top 80 largest Stock Connect eligible Chinese companies listed in either Shanghai, Shenzhen or Hong Kong by market capitalisation

This will be Singapore's first China-focused ETF to pay annual dividends to investors. Its initial offering period will start from July 12 until July 28. It will then be available in both Singapore dollar and yuan denominations after listing on Aug 2.