Corporate digest

LTC Corporation

MAINBOARD-listed LTC Corp said a buyout group's bid vehicle, Mountbatten Enterprises, and its concert parties owned or have have acquired some 126.6 million shares representing more than 80 per cent of the company. Mountbatten is the bid vehicle of a group of LTC Corp's controlling shareholders from the Cheng family.

The S$0.925 per share offer is more than the highest closing price of LTC Corp's shares since January 1998, and represents a premium of 44.5 per cent over the stock's last close of S$0.64 on Feb 8. Separately, the closing date for Mountbatten's voluntary cash offer was also extended from March 26 to April 9.

AEM Holdings

SEMICONDUCTOR equipment maker AEM Holdings said its largest shareholder, Orion Phoenix, a single purpose vehicle controlled by private equity fund Novo Tellus PE Fund I, is distributing most of its shares in AEM in-specie to the limited partners of the fund. As a result of this distribution in specie, Orion Phoenix's shareholding will be reduced to about 4.28 per cent of AEM's issued and paid up shares. At the same time, James Toh Ban Leng, co-founder of New Earth Group, which is the general partner of the fund, will become a substantial shareholder of AEM, with a stake of 7.75 per cent. This also makes him the single largest shareholder.

Aspial Corporation

IN an update to holders of its S$100 million 5.5 per cent notes due in November 2018, Aspial Corporation said the company will pay a one-time fee of 0.5 per cent of the principal amount of the relevant offered notes, for offers submitted by 5pm on April 9, 2018 (the early exchange deadline), or 0.25 per cent for offers submitted by noon on April 13, 2018 (the expiration deadline).

The new notes will bear a higher interest rate of 5.9 per cent per annum payable semi-annually. The company also intends to issue additional notes for sale to investors, regardless of whether they are noteholders.

Midas Holdings

THE audit committee of troubled railway parts maker Midas Holdings said Midas' subsidiary was found to have given an unauthorised guarantee to an unrelated third party. Its unit, Dalian Huicheng Aluminium Co Ltd (DLHC), had provided a guarantee for all the debts owed by Chongqing Huicheng Aluminium Co, Ltd (CQHC) to a supplier of raw material for two years after the expiry of the debt fulfillment period. This Chinese supplier had on Feb 26 filed a civil complaint against CQHC and DLHC over a sum of 28.7 million yuan (S$5.98 million).

Oxley Holdings

DEVELOPER Oxley Holdings announced on Tuesday night it has agreed to purchase freehold property Ampas Apartment for S$95 million. The developer had exercised the option to purchase - granted on March 24, 2018 - to purchase all the units in the development, with the intention of redeveloping the site, subject to approval. Located at 5 Jalan Ampas, the property consists of a land area of 2,809.3 square metres.