[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Monday (Apr 14).
Olam: The agribusiness giant on Monday said it expects to fund the reorganisation of its business using divestment proceeds from the sale of both its remaining 64.6 per cent Olam Agri stake as well as its assets and businesses in the remaining Olam Group. It will sell its Olam Agri stake to Saudi Agricultural and Livestock Investment Company for US$2.6 billion in two tranches, with the first tranche set to complete in Q4 of 2025, subject to shareholders’ and regulatory approvals. Shares of Olam ended Friday flat at S$0.85 before the news.
EC World Reit: The manager said in a filing on Monday that the PRC Court held that the mortgage of Fuzhou E-Commerce (FZDS) is lawful and valid. In January, the manager revealed that three properties owned by EC World Reit – Fuzhou E-Commerce, Fu Heng Warehouse and Hengde Logistics – had been mortgaged without its consent or knowledge. The loans were in connection with rescue funds provided by the Fuyang local government to Forchn Holdings, the sponsor of EC World Reit. The court’s view was that FZDS’ move was a legitimate decision made by an authorised body in accordance with the law and FZDS’ articles of association. The court found that the Fuyang Financial Institutions did not act in bad faith or collude with FZDS in the signing of the mortgage contracts. EC World Reit’s units have been suspended from trading on the Singapore Exchange since Aug 31, 2023.
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