STARTUPS

Creditors fear illiquid equity in new honestbee entity

BEING stuck with potentially illiquid stock was a key concern raised at honestbee's creditor townhall on Monday, which was attended by over 100 creditors, The Business Times has learnt from attendees.

BT EXCLUSIVE

3% cash payout under debt scheme beats liquidation: honestbee ex-chairman

ASKING honestbee's creditors to become shareholders could be a tough sell. But Brian Koo, the startup's key backer who is a scion of Korea's LG Group, believes that the 3 cents on the dollar cash payout makes restructuring a more viable option for creditors over liquidation.

HONESTBEE RESTRUCTURING

Proposal to 800 honestbee creditors: 3% cash repayment, 97% in shares of new entity

FORMER honestbee chairman Brian Koo and his venture firm, Formation Group, plan to use a cash payment to settle 3 per cent of what the embattled startup owes to about 800 creditors, The Business Times understands from sources.

STARTUPS

Pricing unicorn secondaries a smoke-and-mirrors game

OPACITY is the name of the game in the private markets, and perhaps more so when it comes to unicorn secondaries. There is no standard price discovery mechanism for these deals, so buyers and sellers rely on publicly-disclosed valuations as a gauge.

BT EXCLUSIVE: STARTUPS

S-E Asian unicorn secondaries sought amid IPO drought

FANCY a slice of super-app player Grab, but can't get into one of its blockbuster funding rounds? More investors are gaining access to South-east Asian unicorns via the growing market for their secondary shares, which is in turn supported by a lack of unicorn exits, industry players told The...

honestbee proposes to repay creditors 3 cents on dollar in cash, rest in equity

FORMER honestbee chairman Brian Koo and his venture firm, Formation Group, plan to use a cash payment to settle 3 per cent of what the embattled startup owes to about 800 creditors, The Business Times (BT) understands.

WUHAN VIRUS OUTBREAK

Singapore braces for economic impact from spread of Wuhan virus

THE Singapore economy will likely be hit by the spread of the Wuhan virus, especially the tourism-related sectors, Minister for Trade and Industry Chan Chun Sing said on Monday morning.

Miscommunication resulted in disclosure omission, says Advancer Global

CATALIST-LISTED Advancer Global has pointed to miscommunication as the reason for its failure to disclose that its recently appointed chairman is also a director at taxi firm Trans-Cab Holdings. 

Wuhan virus: Singapore expands travel advisory, expects economic impact

SINGAPORE has expanded its travel advisory to defer all non-essential travel to mainland China, as part of a slew of enhanced measures against the spread of the Wuhan virus.

Singapore High Court dismisses cybersquatter's lawsuit against Grab unit

THE Singapore High Court has dismissed a lawsuit by management consultancy 3 Corporate Services (3CS) against Grabtaxi Holdings, a unit of Grab, over a dispute involving 3CS' attempt to sell an online domain name to the super-app player.

Singapore High Court dismisses cybersquatter's lawsuit against Grab unit

THE Singapore High Court has dismissed a lawsuit by management consultancy 3 Corporate Services against Grabtaxi Holdings, a unit of Grab, over a dispute involving 3 Corporate’s attempt to sell a domain name to the super-app player.

STARTUPS

Grab's rewards revamp trades points for sustainability

GRAB'S rationalisation of its rewards programme is unsurprising with the launch of the GrabPay Card, but may also reflect the SoftBank-backed firm's efforts to key an eye on costs amid a push for profitability, market watchers told The Business Times.

Grab to slash user rewards, tighten redemption from March

IN an apparent cost-cutting move, Grab is set to reduce the number of points users can earn on a transaction, in some cases by up to 60 per cent, while raising the number of points needed to redeem certain rewards from March 2. 

LHN enters MoU to set up Malaysia JV for management services

CATALIST-LISTED LHN Group has inked a non-binding Memorandum of Understanding (MoU) with property developer LINBAQ and JG Land to provide management and lease services under the "Coliwoo" brand for at least 150 apartments at Space Residency in Malaysia. 

Tritech subsidiary secures S$6.76m contract from PUB

TRITECH Engineering and Testing (Singapore), a unit of Catalist-listed Tritech Group, has secured a S$6.76 million contract for the installation of dam-monitoring instruments for Singapore reservoirs from the Public Utilities Board (PUB). 

Dasin Retail Trust manager to name new CEO, extends loan facilities

THE trustee-manager of Dasin Retail Trust will appoint Dasin Holdings executive Lily Wang as its new CEO from March, the Mainboard-listed firm announced in a Friday bourse filing. 

Union Gas plans purchase of Defu Lane HQ for S$10.5m

CATALIST-LISTED Union Gas Holdings has made an offer to purchase a property at 89 Defu Lane for S$10.5 million, to serve as its headquarters, the company announced in a bourse filing on Friday. 

SCI takes S$54m hit from criminal, civil claims over China wastewater discharge

SEMBCORP Industries (SCI) faces S$54 million in fines and cash settlement from legal proceedings over the discharge of off-specification wastewater by its 95 per cent-owned joint-venture company in China, Sembcorp Nanjing Suiwu. 

EHT’s largest shareholder Frank Yuan pares stake to 10.69%

FRANK Yuan, the single-largest shareholder of Eagle Hospitality Trust (EHT), has sold 20 million stapled securities of the Mainboard-listed counter at US$0.53 apiece via a married deal. This translates to a total consideration of US$10.6 million. 

Teckwah consolidates logistics operations for efficiency

TECKWAH Logistics, a wholly-owned unit of Teckwah Industrial, will consolidate the operations of its subsidiary JNE Logistics Singapore with its own, in a bid to streamline the Mainboard-listed company's logistics segment. 

Singapore O&G appoints ex-CFO Eric Choo as new CEO from Feb 3

CATALIST-LISTED Singapore O&G has named Eric Choo, who previously served as the company's chief financial officer (CFO), as its new chief executive from Feb 3, according to a Friday bourse filing. 

Jasper in negative equity position as Q3 losses deepen 17%

WATCH-LISTED Jasper Investments saw its losses deepen 17 per cent to US$98,000 for Q3 ended December, while the company stood at a net liabilities position of US$153,000 at the end of the quarter. 

GuocoLand's Q2 earnings nearly triple on boost from Martin Modern sales

PROPERTY developer GuocoLand saw its second-quarter net profit near triple to S$32.4 million from S$10.9 million as revenue more than doubled to S$299.6 million from S$142.9 million, thanks to higher progressive recognition of sales from Martin Modern.

Ellipsiz restructures vending business with JV exit, fresh investment

MAINBOARD-LISTED Ellipsiz has exited its loss-making joint venture Kalms Investment Pte Ltd (KIPL), and instead invested S$500,000 in Indovend, a newly-incorporated company involved in the trade of vending machines. Both actions are part of a restructuring Ellipsiz's vending-solutions segment,...

TEE International secures Singapore project, renews Thailand contracts

TEE International has secured an engineering maintenance contract for a mixed development in Singapore, and renewed other contracts in Thailand, the Mainboard-listed company announced in a bourse filing on Thursday.