Latest news with #MedezeTreasury
Straits Times
26-06-2025
- Business
- Straits Times
Partial offer for Cordlife lapses with Thai-listed Medeze securing a less than 1% stake
An independent financial adviser had earlier deemed the offer for a 10 per cent stake in Cordlife unfair and unreasonable. PHOTO: BT FILE Partial offer for Cordlife lapses with Thai-listed Medeze securing a less than 1% stake SINGAPORE - A partial offer for a 10 per cent stake in Cordlife Group has lapsed, with the offerer, a subsidiary of Thai-listed Medeze Group, having secured less than a 10th of the shares it needed to. As at the close of the offer at 5.30 pm on June 25, the total number of shares owned, controlled or agreed to be acquired by Medeze Treasury amounted to 2.4 million, representing a 0.95 per cent stake. This comprises the 1.8 million shares (0.68 per cent) that Medeze Treasury had already owned pre-offer, as well as the valid acceptances of 694,591 shares (0.27 per cent), according to a bourse filing on June 25. Medeze Treasury would have needed 25.6 million shares for the offer to succeed. Through the partial offer, Medeze Group had eyed an entry into the Singapore market. The company had hoped to provide Cordlife's customers with services such as the analysis and storage of the natural killer cell, which is known for its ability to kill cancer cells. However, the offer was deemed unfair and unreasonable by an independent financial adviser, which recommended that shareholders reject it. Cordlife has been battling a fallout from lapses discovered in the storage of its cord-blood units two years ago. The company this week held in-person and online town halls with customers affected by the damaged and high-risk tanks. Its purpose was to present and get feedback on possible ways to enhance support and expand coverage for affected customers. Cordlife said on June 23 a potential enhanced proposal under review may include added support for cord blood storage, broader coverage beyond what was in the original contracts, and medical support if a transplant is needed. Any improved offer will apply to all affected customers, including those who accepted earlier offers from Cordlife made in February and April 2024. The company's shares ended unchanged at 33 cents on June 25. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
26-06-2025
- Business
- Business Times
Stocks to watch: SIA, Sembcorp, Keppel, Cordlife, CapitaLand India Trust, Civmec, ASL Marine
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Thursday (Jun 26): Singapore Airlines (SIA) : The national carrier announced in its annual report on Wednesday that it paid its chief executive Goh Choon Phong S$7 million in remuneration for the latest financial year ended Mar 31. This a 13.5 per cent decrease from the S$8.1 million package he received in FY2024. SIA previously announced a profit-sharing bonus of 7.45 months for eligible employees in FY2025, marginally lower than the year-ago period, but higher than the 6.65 months for FY2023. Shares of SIA ended Wednesday at S$6.87, up 0.3 per cent or S$0.02. Sembcorp Industries : The company's wholly owned unit Sembcorp Solar Vietnam has faced a delay in its acquisition of a 49-megawatt (MW) hydropower asset in Vietnam, according to a bourse filing on Wednesday. This is because the deal is pending government approvals that are expected to be disclosed by the end of the year. The venture was originally part of the group's plans to acquire a 245 MW renewables portfolio in Vietnam, which was announced in November 2023. The counter closed 0.2 per cent or S$0.01 lower at S$6.84 before the news. Keppel : The group has partnered Asian Infrastructure Investment Bank to facilitate up to US$1.5 billion worth of sustainable infrastructure investments and financing opportunities in the Asia-Pacific. The tie-up will last for an initial five-year period up to December 2030, and focus on funding infrastructure projects developed by Keppel and invested by its private funds. The projects will advance green infrastructure, connectivity and technology-enabled infrastructure, where areas of interest include power transmission and distribution, renewable energy, transportation and urban services. Its shares closed flat at S$7.40. Cordlife : A partial offer from Medeze Treasury, a subsidiary of Thai-listed Medeze Group, for a 10 per cent stake in the private cord-blood bank has lapsed, having secured less than a 10th of the shares it needed to. The total number of shares owned, controlled or agreed to be acquired by Medeze Treasury amounted to 2.4 million, representing a 0.95 per cent stake, as at the close of the offer at 5.30 pm on Wednesday. The offer had been deemed unfair and unreasonable by an independent financial adviser previously, which recommended that shareholders reject it. Medeze Treasury would have needed 25.6 million shares for the offer to succeed. Its shares ended Wednesday flat at S$0.33. CapitaLand India Trust (Clint) : The trustee-manager on Wednesday announced that Clint has priced S$100 million worth of subordinated perpetual securities at a fixed rate of 4.4 per cent per annum. Net proceeds from the issuance will finance its debt repayment, business activities, acquisitions and general working capital. The perpetual securities are expected to be issued on Jul 2, and listed on the Singapore Exchange on or around Jul 3. Units of Clint ended Wednesday 3 per cent or S$0.03 higher at S$1.03. Civmec : The construction engineering company announced on Thursday that it has entered into a binding agreement to acquire 100 per cent of the shares in Luerssen Australia from NVL Australia for a cash consideration of A$20 million (S$16 million). The purchase price will be funded entirely from the group's existing cash reserves. In a company statement, the Australian shipbuilder noted that plant and equipment were valued at A$3.6 million. No external valuation was conducted for the acquisition. Shares of Civmec closed on Wednesday 1.2 per cent or S$0.01 higher at S$0.86. ASL Marine : A fire which occurred at or around 2.15 pm (Indonesian time) on Tuesday at a Batam shipyard belonging to a unit of the shipbuilder killed four workers and injured five. It happened on board a floating storage and offloading vessel (FSO). The FSO was undergoing repair alongside one of the shipyard's jetties. All the casualties and injured staff worked for ASL Marine's subcontractor. Those injured are being treated at a hospital. Shares of ASL Marine ended Wednesday at S$0.06, up 3.5 per cent or S$0.002.
Business Times
25-06-2025
- Business
- Business Times
Partial offer for Cordlife lapses with Thai-listed Medeze obtaining less than 1% stake
[SINGAPORE] A partial offer for a 10 per cent stake in Cordlife Group has lapsed, with the offerer, a subsidiary of Thai-listed Medeze Group, having secured less than a 10th of the shares it needed to. As at the close of the offer at 5.30 pm on Wednesday (Jun 25), the total number of shares owned, controlled or agreed to be acquired by Medeze Treasury amounted to 2.4 million, representing a 0.95 per cent stake. This comprises the 1.8 million shares (0.68 per cent) that Medeze Treasury had already owned pre-offer, as well as the valid acceptances of 694,591 shares (0.27 per cent), according to a bourse filing on Wednesday. Medeze Treasury would have needed 25.6 million shares for the offer to succeed. Through the partial offer, Medeze Group had eyed an entry into the Singapore market. The company had hoped to provide Cordlife's customers with services such as the analysis and storage of the natural killer cell, which is known for its ability to kill cancer cells. However, the offer was deemed unfair and unreasonable by an independent financial adviser, which recommended that shareholders reject it. Cordlife has been battling a fallout from lapses discovered in the storage of its cord-blood units two years ago. The company announced on Monday that it will hold in-person and online town halls with customers affected by the damaged and high-risk tanks. The company's shares ended Wednesday flat at S$0.33.
Business Times
29-05-2025
- Business
- Business Times
Independent financial adviser appointed for partial offer for Cordlife
[SINGAPORE] Cordlife has appointed Novus Corporate Finance as the independent financial adviser for a voluntary conditional cash partial offer it has received from a Thai company, said the private cord-blood bank on Thursday (May 29) in a bourse filing. Medeze Treasury, a wholly owned subsidiary of Thai-listed stem cell company Medeze Group, had offered to buy a 10 per cent stake in Cordlife, or about 25.6 million shares, at S$0.25 apiece. This reflects a premium of around 61.3 per cent over Cordlife's last traded price before the offer announcement of S$0.155 on May 9, and is also higher than its 12-month volume-weighted average price. This is Medeze's first step into the Singapore market, as the company seeks to explore business opportunities with Cordlife, which has been embroiled in an investigation by the Ministry of Health after the company was found to have mishandled stored cord-blood units. Medeze Treasury said the deal offers long-term opportunities for both companies, including the promotion of services together for market expansion, products and services development, and operational synergies. Earlier in March, Cordlife sunk into the red with a net loss of S$6.3 million for its second half ended Dec 31, 2024, compared with a net profit of S$1.3 million in the previous corresponding period. This was mainly due to the fallout from lapses discovered in the storage of the company's cord-blood units two years ago. Shares of Cordlife closed flat at S$0.27 on Thursday.
Business Times
15-05-2025
- Business
- Business Times
Cordlife jumps 48% to S$0.23 on partial offer from Thai-listed Medeze
[SINGAPORE] Shares of Cordlife surged by over 48 per cent on Thursday (May 15), after the company lifted its trading halt earlier in the morning, which had been put in place on Tuesday. This came after a voluntary conditional cash partial offer from Medeze Treasury – a wholly owned subsidiary of Thai-listed stem cell company Medeze Group – was made for a 10 per cent stake in Cordlife. The private cord-blood bank requested to lift its trading halt at 10.34 am on Thursday, which took effect at 11.15 am. By 11.24 am, its share price had increased by S$0.065 to S$0.22, from S$0.155. As at 1.54 pm, Cordlife's shares had risen 48.4 per cent or S$0.075 to S$0.23. At 2.06 pm, it fell slightly to S$0.225, up 45.2 per cent or S$0.07. Medeze Treasury is seeking to acquire about 25.6 million shares at an offer price of S$0.25 apiece. As at Tuesday, the Medeze subsidiary holds nearly 1.7 million shares, which is close to 0.7 per cent of the voting rights in Cordlife. The move by Medeze to make a partial offer is the stem cell company's first step into the Singapore market, as the company seeks to explore business opportunities with Cordlife. Assuming that the offer becomes unconditional and there are no changes to the number of shares up for offer, the resultant direct shareholding of Medeze Treasury in Cordlife shall be around 10.7 per cent of the shares (excluding treasury shares). Earlier in March, Cordlife sunk into the red with a net loss of S$6.3 million for its second half ended Dec 31, 2024, compared with a net profit of S$1.3 million in the previous corresponding period. This was mainly due to the fallout from lapses discovered in the storage of the company's cord-blood units two years ago.
