Corporate digest

MC Payment

MC Payment, through OCBC Securities, has received subscriptions for 10 million new shares of the company amounting to S$4 million from a group of investors. The group of investors includes high-net-worth clients from OCBC and Levin Lee, a director at Ace Peak Capital.

Of the sum, S$1.8 million will be used to redeem outstanding Series D convertible bonds maturing in June. The remaining S$1.4 million will be use to pay outstanding expenses arising from proposed transactions relating to the reverse takeover of the company - mainly, fees payable to appointed professionals.

Union Gas Holdings

THE group has signed a non-binding letter of intent with Worldbridge Industrial Developments for a proposed joint venture to supply and distribute liquefied petroleum gas in Cambodia by the end of 2021. It would mark Union Gas' first foray into Cambodia.

If the joint venture goes ahead, Union Gas will hold 55 per cent interest and select "experienced" management staff from its Singapore office to support the Cambodia office remotely first, and then on site, when travel and workplace restrictions are eased.

Worldbridge will hold the remaining 45 per cent stake and will provide the joint venture company access to its local business network and connections in Cambodia.

Sabana Reit

NTP+, a new mall at New Tech Park, has received its temporary occupation permit and is set to open in the second quarter of this year, said Sabana Real Estate Investment Management, the manager of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana Reit).

NTP+ will be a two-storey mall located opposite Lorong Chuan MRT station. Spanning about 43,000 square feet, it will comprise 25 retail and food and beverage (F&B) units on the ground floor, and a food court on the second floor. As at March 10, about 80.2 per cent of the units on the first floor have been taken up; the space for the food court has also been leased.

First Ship Lease Trust

The Singapore Exchange Regulation (SGX RegCo) has ordered First Ship Lease Trust (FSL Trust) to seek unitholders' approval for a sale of two product tanker newbuildings.

FSL Trust had announced on March 1 that it had completed the sale of the two vessels. It did not seek unitholders' approval as it deemed the sale to be in the ordinary course of business.

But SGX RegCo said it believes that the sale of the vessels would constitute "short-term trading", which would go against FSL Trust's main objective of deriving a stable income stream from its portfolio of lease assets, as stated in the trust's initial public offering prospectus.

The regulator noted that the vessels were sold "immediately" upon the completion of construction, "even before deployment by the trust".

FSL Trust remains of the view that the disposal was made in the ordinary course of business. But it has nevertheless undertaken to seek unitholders' ratification of the sale by April 30.