Corporate digest

Vard Holdings

FINCANTIERI Oil & Gas has extended the deadline on its buyout offer for Vard Holdings by two weeks, to 5.30pm on Sept 19. Fincantieri, which is offering S$0.25 per Vard share to take the shipbuilder private, currently has effective control over a 94.20 per cent stake in Vard. Once the buyout offer closes, Vard will enter into trading suspension. This is expected to take place with effect from Sept 20, 9am.

Soilbuild Construction

SOIL-BUILD (Pte) Ltd, a wholly owned subsidiary of Soilbuild Construction Group, has won a civil works contract valued at about S$7 million from Jurong Town Corporation. The contract calls for the construction of covered linkways and cycling paths at Changi Business Park and One-North. The project is scheduled to start in September 2018 and be completed by the first quarter of 2020.

Oceanus Group

OCEANUS Group has ventured into fish farming by entering into a convertible loan agreement with private-owned Barramundi Asia, touted as one of the world's largest Barramundi farming companies. It operates fish farms off the southern islands of Singapore and in Kimberley, Western Australia.

Manhattan Resources

MANHATTAN Resources is proposing a non-underwritten one-for-one renounceable rights issue at 2.45 Singapore cents per share to raise net proceeds of about S$13.73 million.

The proposed share price for the rights issue represents a discount of about 69.38 per cent to the closing price of eight Singapore cents per share for trades done on Aug 10. This proposed cash call will see the issuance of up to 568.76 million rights shares.

Major shareholder Low Tuck Kwong has given an irrevocable undertaking to fully subscribe to his entitlement, and up to another 451.05 million shares not taken up by other shareholders.