Daily Briefing: GK Goh Holdings offers $184.5m to acquire BoardRoom; Property development firm Metro Holdings acquires 50% stake in CICC Qihang Fund

And Pan Pacific Hotels Group to debut in London on 2020.

From DealStreetAsia:

GK Goh Holdings, a Singapore-listed investment holding firm with interests in aged care, and corporate services, has made a voluntary unconditional cash offer to acquire corporate services firm BoardRoom for $184.5m (US$134.8m).

The offer, at $0.88 per share, was made through Salacca, a wholly-owned subsidiary of GK Goh. Salacca currently owns approximately 169.24 million shares or 80.72% stake in BoardRoom as of August 28, 2018, according to the company’s ownership data provided by the Singapore Exchange (SGX).

The offer price of $0.88 represents a premium of 14.3% to the last transacted price of $0.77 a share on May 03, 2019, the last trading day of the stock prior to the offer announcement. The offer price is also an 18.4% premium over BoardRoom’s one-month volume weighted average price (VWAP) of $0.743 on May 03.

Read more here.

From DealStreetAsia:

Property development and investment group Metro Holdings will invest $39.8m (US$29m) for a 50% stake in Xiamen CICC Qihang Equity Investment Partnership (CICC Qihang Fund), according to a market disclosure on the Singapore Exchange.

The fund, with a size of approximately $79.6m (RMB400m), will be managed by CICC Capital Management, an affiliate of CICC Capital. Alongside this transaction, CICC Qihang Fund has formed a 50:50 joint venture with Xiamen ARA Qihang Equity Investment Fund, a fund managed by ARA Asset Management.

This joint venture has agreed to acquire a prime commercial mall in Chengdu, China from independent vendor Tishman Speyer China Fund (Barbados).

Read more here.

From TTG Asia:

Singapore-based Pan Pacific Hotels Group is entering Europe with the London debut of its namesake brand in 2020.

Pan Pacific London will open in the heart of London’s financial district at One Bishopsgate Plaza, a five-minute walk from Liverpool Street station.

It will offer 237 keys, a studio lounge, a ballroom that can accommodate up to 370 guests in banquet seating along with six meeting venues, an indoor lap pool, a fitness centre and spa treatment rooms.

Read more here.

Photo credit: LinkedIn