Briefs on investment and media reports published elsewhere during the Oct 27 - Nov 2 week
Three high-profile investors bet on Cityneon
Three high-profile investors have snapped up stakes in Cityneon Holdings through a $7.3 million share placement at 56 cents a share, The Edge Singapore reported. They are:
· Tan Kim Seng, who cashed out of KS Energy in April this year;
· Andy Lim, chairman of Tembusu Partners;
· Sheik Faisal, a member of the Qatari royal family.
A representative of Andy Lim was quoted as saying: “We see Cityneon with a Middle Eastern angle because they have a good team there, and they have performed well, which makes them a very interesting company.”
He added: “The markets they are in, like the Middle East, offer a lot of good opportunities.”
Cityneon established itself in the Middle East some 17 years ago, and have since run the Bahrain F1 event and completed numerous fixtures for museums.
The funds it recently raised at 56 cents a share places it in a strong position for any contracts that come their way from the Integrated Resorts and the F1 motor racing event.
“These contracts will need heavy financing. Some of them are almost like construction contracts, rather than exhibition ones, and can have durations of six to 12 months,” said Ko Chee Wah, group managing director.
Techcomp device to be used by China wheat flour manufacturers
Techcomp, China’s leading distributor and manufacturer for proprietary high-technology testing equipment, has been invited to join the official drafting committee of the China National Standard GB/T20188, which details the procedures of using an ion chromatograph to test the amount of potassium bromate in wheat flour.
Techcomp is the only listed company invited by the PRC government.
China is expected to produce 550 million tones of grain by 2010, and there is a serious need to ensure the quality standard of the exported and imported grain and wheat flour. Potassium bromate is often added as an additive (oxidizing agent) that strengthens dough and allows it to rise better.
”We believe the price advantage and our know-how of the Chinese market will stand us in good stead with the wheat manufacturers and inspection bureaus.
"I expect our ion chromatograph sales to increase gradually over the coming years," says Mr. Richard Lo, President and CEO of Techcomp.
The China National Standard requires all wheat flour manufacturers to test for the presence of potassium bromate using an ion chromatograph.
In addition, there are currently more than 2,000 state and local Inspection Bureaus in China, who will be expected to equip themselves with the necessary testing equipment to perform the analysis as well.
Low Shiong Jin: "I love M&As"
Low Shiong Jin, 38, has recently emerged on the corporate stage after being the driver of three reverse takeovers involving Enzer, Global Ariel and Oculus.An article in The Edge Singapore shed some light on him as a person.
He began his career as an auditor at a local accounting firm, RSM Chio Lim, before he spent 8 years at Datapulse, an optical disc replication company.He had always been interested in M&As.
“I love M&As. When I was at university, I did a lot of my research on M&As.”
He went on to work for Mike Lee, an old friend of Low’s family, who was at Global Ariel group, a privately-held clutch of companies controlled by Andrew Tay from the family behind SUTL.
”Mike is like an uncle to me,” says Shiong Jin.
Mike saw opportunities in taking over small, moribund listed companies and injecting them with more exciting assets, and figured that Shiong Jin was the man for the job.
“Our objective is to act as a white knight for those companies and make them profitable,” says Shiong Jin.
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