Mainboard-listed Straits Trading Company said it's reorganising its hospitality assets under one unit. It has set up a wholly-owned subsidiary called Rendezvous Hospitality Group, or RHG, which will own hospitality assets in excess of S$300 million. These include 13 hotels currently under management and four additional properties under development. It has appointed Iqbal Jumabhoy as the CEO of this new...
Straits Trading
Oversea-Chinese Banking Corp (OCBC) says it will accept Tecity's bid for Straits Trading. It will sell its 6.2% stake, generating proceeds of S$135.3m. The announcement comes just days after the Lee family, which controls OCBC, pulled out of the bidding war for Tecity. And on Monday, insurer Great Eastern Holdings also announced that it was selling its stake to Tecity. OCBC had been quoted earlier as...
A bidding war between two of Singapore's most famous corporate families has come to an end but not without a final climax. Insurer Great Eastern Holdings says it will sell its shares in Straits Trading to Tecity, which is controlled by the family of the late Tan Chin Tuan. On Sunday, the Lee family, the main shareholder of Oversea-Chinese Banking Corp, pulled out of the race for Straits Trading, saying...
Lees say yes to Chew Gek Khim’s offer, but will OCBC? A rare and intense corporate tug-of-war between two distinguished families has ended with one side throwing in the towel, but not without first squeezing the other side. The Lees of OCBC fame yesterday retreated from the tussle for one of Singapore’s oldest firms - Straits Trading Company (STC) - by accepting the offer of $6.70 a share from the...
The bidding war for the tin-smelting and property firm, Straits Trading Company, continues to escalate. Tecity Group, controlled by the family of the late Tan Chin Tuan, has again raised its offer for Straits Trading. It is now offering to pay S$6.70 a share to take over the company. This is S$0.20 higher than its last revised offer. The latest bid values Straits Trading at S$2.18 billion. Tecity's...
OCBC says it intends to reject an improved takeover offer for one of its listed subsidiaries, Straits Trading. This could effectively end a tussle for the listed commodities and property company between two of the Singapore's prominent banking families. On one side is the Lee family, who are OCBC's main shareholders. They have offered to pay S$6.55 a share for Straits Trading, valuing it at S$2.1...
Shares of investment holding company Straits Trading Co resumed trading on the Singapore Exchange at 2pm on Friday after a temporary suspension. The shares were suspended from trading after the Lee family, the main shareholder of Oversea-Chinese Banking Corp, improved its offer for Straits Trading to S$6.55 a share from S$5.76, bettering the S$6.50 offered by investment firm Tecity. Tecity had raised its...
Tecity has raised its general offer for Straits Trading to S$6.50 a share following a counter bid from the Lee family. The revised offer values the company at S$2.1 billion. It is 14 per cent higher than Tecity's original offer price of S$5.70 and 31 per cent above the last traded price of Straits Trading before the general offer. The latest offer by Tecity, controlled by the family of the late Tan Chin...
A bidding war appears to be looming for diversified Straits Trading Company. The Lee family that controls OCBC Bank is making a counter-offer for shares in Straits Trading Company that it does not already own. The Lees, who already own 34 percent of Straits Trading, are offering to pay S$5.76 cash a share. This values Straits Trading at S$1.88 billion. The latest offer is higher than the one by rival,...
Singapore-listed Straits Trading Company is pumping in some S$60 million to build a new building. It will be developed on the site of the old Straits Trading Building and is expected to be completed in 2009. Agents for the New Straits Trading Building said they see strong demand for premium mid-sized office space. A new 28-storey Straits Trading Building will rise in the heart of Singapore's financial...