In Brief

SeD to sell instant messaging software firm for US$700m

SINGAPORE eDevelopment Ltd (SeD) has agreed to sell HotApps International Pte Ltd (HotApps), its instant messaging software firm, to US-based Fragmented Industry Exchange Inc (FIE) for US$700 million. FIE will issue one million new shares at US$10 each and US$690 million worth of perpetual preferred shares (PPS) in order to buy HotApps from SeD. On completion, SeD will receive 13.8 million PPS to be converted to 69 million common shares of FIE in 10 tranches, subject to HotApps getting about 9.43 million users for its application.

Sabana Reit's DPU falls 23.9% to 1.81 Singapore cents in Q3