COMMERCIAL PROPERTY, STOCKS | Staff Reporter, Singapore

Daily Briefing: HDB builds 10-ha park in Bidadari estate; SGX-listed environmental firm 800 Super Holdings to go private

And Hootsuite is closing its Singapore office.

From ChannelNews Asia:

A new park will be developed to form a “green lung” in the upcoming Bidadari estate, the Housing and Development Board (HDB) announced on Sunday (May 5).

The 10ha Bidadari Park will feature a lake, a heritage walk, experiential trails and a play area for children.

In designing the park, the team drew inspiration from the fictional Hundred Acre Wood in the Winnie-the-Pooh children’s series, said HDB.

Apart from retaining of more than 350 mature trees in the area, the park will also be home to more than 2,000 new trees.

Read more here.

From DealStreet Asia:

Global buyout major KKR & Co has announced plans to privatise 800 Super Holdings, a Singapore-listed environmental services provider, through a voluntary conditional cash offer, according to a regulatory filing Monday.

The deal is being routed through 800 Super owner 8S Capital Holdings, which is wholly-owned by KKR-affiliated special purpose vehicles. The transaction involves a voluntary cash offer of S$0.90 for each of the issued and paid-up ordinary shares of 800 Super Holdings.

The pricing represents a premium of 30.6% over 800 Super’s one-month volume weighted average price as of April 26, 2019, according to a disclosure to the Singapore Exchange. 800 Super Holdings said KKR intends to fund the offer by providing a hybrid combination of debt and structured equity financing to 8S Capital primarily from pools of capital, its KKR’s Private Credit Opportunities II fund and proprietary investment vehicles.

Read more here.

From HumanResources:

Hootsuite has shut down its office in Singapore, and is moving the company’s Asia Pacific headquarters to Sydney, according to a statement provided to Human Resources.

This development has been driven by “organisational changes in order to drive better alignment with the company’s strategic priorities,” which were recently communicated, per the statement.

Hootsuite has not detailed the number of jobs that will be affected as a result of this development. However, on the topic of employees affected, the spokesperson has said: “We remain committed to helping employees affected by the announcement through these times of transition. Our goal is to ensure they are treated with dignity and respect.”

Read more here.

Photo credit: The Straits Times

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