Property developer Oxley Holdings has terminated a letter of intent (LOI) to sell its Mercure and Novotel Hotels to Gracious Land Pte Ltd with immediate effect, as a subsequent deposit of S$38 million was not made by the buyer. In a regulatory filing late on Tuesday night, Oxley said that among other things, the subsequent deposit, being 4 per cent of the total consideration, was not made by Gracious Land.

A SUBSIDIARY of CapitaLand Limited, CapitaLand (China) Investment Co Ltd, has divested its 100 per cent interest in Beijing CapitaLand Property Management Co (BCPM) for 20.8 million yuan (S$4.2 million), CapitaLand said in a Singapore Exchange filing on Tuesday. BCPM, whose main properties in Beijing are the clubhouse for the Orchid Garden residential development and 137 carpark lots in the La Foret residential development, was sold to a party unrelated to CapitaLand.

Yuuzoo Networks Group Corp said that it has secured commitment for a three-year, S$30 million funding facility from “Swiss-based” Asia Financial Group (AFG). According to the Tuesday announcement, YuuZoo may draw down up to S$30 million over three years by issuing YuuZoo shares to AFG at a 7.5 per cent discount to the closing price of YuuZoo stock on the drawdown date.

UOB’s wholly owned subsidiary UOB Bullion and Futures has entered into an agreement with financial services firm INTL FCStone to sell its futures and options, brokerage and clearing business for US$5 million, with a view to winding down the business following a review. In statements issued on Tuesday separately to the Singapore Exchange and to the media, UOB and INTL FCStone said respectively that the asset purchase agreement through the latter's Singapore subsidiary hinges on the Monetary Authority of Singapore giving the green light.

Source: Phillip Capital Research - 20 Mar 2019