You are here

Singapore eDevelopment issues, transfers shares in US subsidiaries

SINGAPORE eDevelopment Ltd made several announcements after trading hours on Tuesday regarding its subsidiaries. Its wholly-owned indirect subsidiary Global BioMedical Inc (GBMI) will allot and issue 10 ordinary shares at US$0.001 per ordinary share to Tang Peihong, an executive director of GBMI.

This is part of a service agreement entered into between GBMI and Ms Tang. The shares represent 10 per cent of the existing issued and paid-up share capital of GBMI.

GBMI was a wholly-owned direct subsidiary of Singapore BioMedical, which is a wholly-owned direct subsidiary of the company. Following the allotment and issuance of 10 ordinary shares in GBMI which is expected to be completed in November 2017, Singapore BioMedical will hold approximately 90.91 per cent of the total issued and paid-up share capital of GBMI.

The above allotment and issuance of shares will be funded through internal resources and is not expected to have a material impact on the net tangible assets and earnings per share of the company for the current financial year ending Dec 31, 2017.

sentifi.com

Market voices on:

The group also announced its transfer of 100 ordinary shares in Global BioLife Inc (GBLI) to Global Research and Discovery Group Scientific LLC. This represents 10 per cent of the total number of issued and paid-up share capital of GBLI.

GBLI was a 80 per cent-held direct subsidiary of GBMI, which is a wholly-owned direct subsidiary of Singapore BioMedical. Following the transfer of 100 ordinary shares in GBLI which is expected to be completed in November 2017, GBMI will hold 70 per cent of the total issued and paid-up share capital of GBLI.

The above transfer of shares is also not expected to have a material impact on the net tangible assets and earnings per share of the company for the current financial year ending Dec 31, 2017.

In a separate filing to the Singapore Exchange, the group also announced that GBLI has developed a breakthrough low-calorie, modified sugar, Laetose, said to potentially affect the world's sugar market.

It is collaborating with top US candy manufacturer Quality Candy Company to develop, manufacture and distribute Laetose. Developed by Daryl Thompson, GBLI's director of Scientific Initiatives, Laetose is a functional sugar with a "30 to 50 per cent lower calorie count than regular sugar, possesses low glycemic properties, and also assists in mitigating inflammatory responses".