Corporate digest

mm2 Asia

MM2 Asia said substantial shareholder StarHub plans to invest some S$15 million in the media company through a share placement. mm2 Asia said it would place 87.7 million new shares to StarHub at an issue price of S$0.57 apiece, with the issue price representing a 0.6 per cent premium to the volume-weighted average price for trades done on June 28, 2017. The move will raise StarHub's stake in mm2 Asia to about 10 per cent.

Yanlord

REAL estate developer Yanlord Land Group has, through a wholly owned subsidiary, acquired a 41,800-square-metre gross floor area prime residential site in Tang Jia Wan District, Zhuhai for 836 million yuan (S$171 million). Located within the Tang Jia Wan district, the site is situated near Zhuhai's seafront and benefits from connectivity via the city's key thoroughfares.

Keong Hong

CATALIST-LISTED Keong Hong Holdings has bought a commercial building located in Minamihorie, Osaka in Japan for 950 million yen (S$11.84 million) on Thursday. The purchase was carried out through Grandwood (Japan), its indirect wholly-owned subsidiary, it announced on the same day.

Hupsteel Ltd

HUPSTEEL Limited has sold its property at 359 Jalan Besar through public auction for S$5.23 million plus GST to Raffles United Holdings subsidiary Kian Ho Pte Ltd. The sale has taken into account the latest open market value of S$4.4 million, which was based on professional valuation by CKS Property Consultants using market comparison method on May 23, Hupsteel said on Thursday.

AusGroup

The mainboard-listed offshore and marine company said on Thursday it has obtained approval from shareholders and regulatory authorities for the proposed swap deal with Ezion Holdings which will see AusGroup's debt owed to Ezion being exchanged for AusGroup's shares. AusGroup said that the approval conditions have been satisfied, and the settlement of the exchange offer and completion of the Ezion loan capitalisation will take place on Friday.

Vallianz Holdings

CATALIST listed Vallianz Holdings on Thursday said it has agreed to a share subscription with certain unnamed trade creditors to fully offset S$3.13 million in trade payables. The trade creditors will subscribe all in to 156 million in settlement shares of the marine company at S$0.02 apiece. The issue price reflected a premium of 16.3 per cent to the volume-weighted average price for trades done on June 19, 2017 - the day that the agreement was signed.