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Stocks In Focus SG (Asia-Pacific Strategic Investment, CapitaLand, GP Industries) – 10/12/14
Asia-Pacific Strategic Investments has pumped in $6 million into Silvermane Investments, making it a 22.3 percent shareholder of the mining firm. The firm holds a major stake in Vistra Gold Antigua Corporation, LionGold South America and LionGold Bolivia, which collectively owns the Amayapampa Gold Project. The company has paid $2 million in cash for the acquisition, and will pay its remaining $4 million through promissory notes when gold production commences. The company believes that the investment will open doors into the mineral mining industry and enhances shareholders’ value.
CapitaLand has acquired a 50 percent stake in Asiana Agresif from Juta Asia Corporation, with the intention to jointly develop a piece of land in Kuchai Lama, Kuala Lumpur. The land is owned by Asiana Agresif, and will be developed into a block of condominium and low rise villas. Following the RM24.8 million acquisition, Asiana Agresif will be an associated company with CapitaLand.
GP Industries announced its decision to dispose its entire investment in Coudrey Investments to Crystal Time Group for a cash consideration of US$2.9 million ($3.8 million). Coudrey Investments’ principal activity is investment holding, and holds a 50 percent equity interest in an Indonesian company dealing with electrical wiring accessory products. As of 30 September, Coudrey’s net aggregate book value and related goodwill is valued at approximately $3.2 million.
Huan Hsin Holdings stated its decision to dispose its subsidiary 51 percent-owned stake in Hefei Baolong Hsin Technology Co (“HBHT”) to Shenzhen Bitland Information Technology Co, which owns the remaining 49 percent stake. The disposal is agreed upon at a sum of Rmb6.2 million in cash, allowing Huan Hsin Holdings to monetise its non-yielding assets and increase its working capital.
Willas-Array Electronics (Holdings) announced its voluntary liquidation of its indirectly-owned subsidiary, Valence Tech (Chengdu). The liquidation committee was appointed on 9 December after Willas’ direct subsidiary, Valence Technology, decided that Valence Tech (Chengdu) no longer served its business purpose. Valence Tech (Chengdu) has a registered and paid-up share capital of HK$2 million, and provided technical development services for electronic products distributed by Willas and its group of subsidiaries. After the settlement of its liabilities, the remaining assets would be distributed to its sole shareholder, Valence Technology.
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