Corporate digest

Keppel Corp

A UNIT of Keppel Corporation's property arm is taking full control of shopping mall I12 Katong, paying about S$56.6 million to buy the remaining shares that it does not own in the property.

Keppel said on Thursday that DC Reit Holdings - in turn a wholly owned unit of Keppel Land - will acquire 77.6 per cent of the issued share capital of PRE 1, which owns I12 Katong, from the subsidiary of Alpha Asia Macro Trends Fund.

DC Reit Holdings' shareholding interest in PRE 1 was previously at 22.4 per cent.

Keppel said that it expects to record a loss of S$16.8 million from the re-measurement of its previously held interests in PRE 1 and Katong Retail Trust (KRT), a special purpose trust that holds the property.

AsiaPhos

MINING firm AsiaPhos has received another rejection from the Chinese authorities to renew the exploration right for a mine in Sichuan province, with this notification arriving more than five months after the letter had been signed. This comes as the Catalist-listed mining firm, which mines for phosphate minerals, remains locked in dispute with the Sichuan provincial government for a settlement over the rejected renewals of mining rights of two mines - Mine 1 and Mine 2.

AsiaPhos had earlier said that the rejection by the authorities was an "unlawful expropriation of AsiaPhos' investments", and that it was exploring arbitration.

Goodland

PROPERTY developer Goodland Group has bought industrial properties located on Kim Chuan Drive for S$18.9 million through its Goodland Citrine unit, it said on Thursday. The company plans to redevelop the freehold properties, which are located within the Tai Seng Industrial Estate.

TT International

TT International on Thursday said that the debt restructuring scheme proposed to creditors has won the necessary approval.