Jewelry firm Aspial to privatise subsidiary WCG

This move comes at the back of low trading liquidity of WCG shares.

Jewelry group Aspial Corporation Limited plans to privatise its subsidiary World Class Global Limited through a scheme arrangement that will see all of WCG’s shares in Aspial.

Under the scheme, Aspial will transfer all of WCG’s shares, except shares already held by Aspial, into itself. In exchange, shareholders will receive new ordinary shares in Aspial at a rate of $0.21 per WCG share to $0.19 per Aspial share.

According to Aspial, the scheme arrangement aims to simplify and optimise the group’s structure and reduce organisational complexity.

“Privatising WCG will enhance the Offeror Group’s flexibility, enabling it to mobilise and optimise resources across its businesses. It also allows Aspial to reduce the duplication of compliance and associated administrative costs in maintaining the listing status of both entities,” the jewelry group said.

The group also noted that the Scheme Consideration of S$0.21 cents represents a premium of approximately 107.9% over the one-month volume weighted average prices (VWAP) of the WCG Shares, up to and including 11 March 2021, the last trading day. It also noted that since its IPO, the closing share prices of WCG have not traded over the Scheme Consideration since 24 January 2019.

According to Aspial, the scheme is an opportunity for the shareholders to exit their investment in WCG whilst continuing to participate in the future growth of WCG through the enlarged Offeror Group.

Listed on the Catalist Board of the SGX-ST since 15 June 2017, WCG is engaged primarily in the business of property development and investment. Its key businesses include property development and property investment in major cities in Australia and Malaysia, as well as the operation of hotels in Malaysia.

Aside from jewelry retailing, Aspial also has business in the real estate, financial services, hospitality and precious metal trading sectors.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Venture, Genting Singapore and Keppel Corporation showed the most growth.
Meanwhile, a record 583 non-landed homes sold for more than $2m each in the first nine months of the year.
The merger will create a flagship pan-Asia logistics and high-tech S-REIT.
It is followed closely by the identification app SingPass.
The index tracks REITs in the APAC region with higher dividend yields and positive environmental attributes.
Both companies will create training programs to support digital entrepreneurship and digital upskilling for Grab partners.
The deal is focused on M1’s network assets. 
This is a part of the Lion City's bid to become a global maritime knowledge and innovation hub.
Risks, however, are present with the financial troubles faced by the real estate sector in China. 
This comes as more Singaporeans turn to gaming in the midst of the pandemic. 
Retail sector has experienced the “most disruptions” with the changing restrictions.
The company was commended for being a global and regional sector leader in five categories.
The CEO designate said he aims to drive development in the company’s business units.   Gary Ho,  who played an instrumental role in the Initial Public Offering (IPO) of Nanofilm Technologies International Limited, has been appointed Chief Executive Officer of the company.
Analysts said strong leasing activity in Q3 played a factor.
Islandwide prime retail rents saw a dip by 0.6% q-o-q.