Corporate digest

DBS Group Holdings

DBS Group Holdings has priced its issue of US$750 million perpetual securities at 3.6 per cent. The securities, expected to be issued on Sept 7, were 8.7 times subscribed, with an order book close to US$6.5 billion. The distribution rate of 3.6 per cent a year will be reset on Sept 7, 2021, and every five years thereafter to a rate equal to the prevailing five-year US dollar swap rate, plus 2.39 per cent, DBS said. The bank has the sole discretion to cancel any distribution on the securities, with unpaid distributions being non-cumulative.

The securities may be redeemed at the option of DBS in whole, but not in part, on Sept 7, 2021, or on any distribution payment date thereafter, subject to the prior approval of the Monetary Authority of Singapore.

Roxy-Pacific Holdings

A UNIT of property developer Roxy-Pacific Holdings has inked a conditional agreement to buy a freehold residential site at Pasir Panjang Road for S$33.25 million, it said in a Singapore Exchange filing on Wednesday.

The site, known as Harbour View Gardens, has an estimated total land area of 30,745 square feet and an existing plot ratio of 1.4 for residential apartment development. The purchase is conditional upon Roxy's unit RH Developments obtaining an "order for sale" from the Strata Titles Board or the High Court approving the sale, Roxy added. It said it would finance the acquisition with internal funds and bank loans.

Roxy-Pacific shares were not traded on Wednesday. They last closed flat at S$0.465 on Tuesday.

Swee Hong Ltd

ENGINEERING group Swee Hong Ltd on Wednesday night said it has recorded three consecutive years of pre-tax losses, and that its latest six-month average daily market capitalisation is below S$40 million (as at Wednesday, this was at S$27.7 million) - meeting the criteria of being placed on a Singapore Exchange watch-list.

The company said it will make an immediate announcement should it be notified that it will be placed on a watch-list.

Vallianz Holdings

VALLIANZ said on Wednesday night that certain entities within the group have recently received letters from the interim judicial managers (IJMs) of Swiber Holdings and Swiber Offshore Construction (SOC), requesting payments totalling approximately US$63.5 million, which the IJMs claim to be funds owed to Swiber and SOC. Vallianz has declined to make such payments, citing various reasons such as the fact that extended credit and netting off practices have been "an established course of dealings" between Vallianz and Swiber.

Vallianz said it is awaiting a response from the IJMs, and will make further announcements when appropriate.