Esmart Establishes Xiamen Subsidiary
Esmart Holdings has established a wholly-owned subsidiary, Esmart (Xiamen) Information Technology (EIT), in Xiamen with registered share capital of US$135,000. The principal activities of EIT are to carry out R&D, computer hardware and software development, product design and consultancy services.

Midas’ Joint Venture Expands Downstream
Midas Holdings’ joint venture company, Nanjing SR Puzhen Rail Transport (NPRT) has formed a new joint venture with Nanjing Metro Industrial Group. To be known as Nanjing Metro Vehicle Maintenance (NMVM), the new joint venture will engage in repairs, maintenance and other after-sales servicing works for metro train cars in the PRC. Of the total investment amount of Rmb20m in NMVM, NPRT’s contribution amounted to Rmb11m for a 55% equity interest.

Apex-Pal Launches New Outlet
Apex-Pal International has launched its first Hibiki outlet at the iconic Singapore Flyer. Hibiki offers fine dine quality Japanese cuisine at affordable prices starting from $3.

JEL Receives New Distribution Rights
JEL Corporation (Holdings), an established distributor of fast-moving consumer goods, IT, photographic, mobility products and timepieces, with distribution networks spanning Africa, Asia, and the Middle East, has been awarded distribution rights for the entire range of photographic products from Fujifilm Corporation.

Imminent Delisting For Courts?
Courts Singapore could soon be delisted, a year after it was taken over by two private equity groups. The furniture and appliance retailer said its majority shareholder Singapore Retail Group (SRG) now owns more than 90% of its shares. Under Singapore takeover rules, SRG has the right to buy any Courts shares it does not own and take the company private, as it earlier intended to do. SRG is an investment vehicle jointly owned by a US$490m private equity fund, Baring Asia Private Equity Fund III, and Topaz Investment Worldwide.

Hyflux Establishes $300m Debt Issuance Programme
Hyflux is setting up a $300m multi-currency debt issuance programme with DBS Bank and Standard Chartered Bank as arrangers and initial dealers. Net proceeds will be used to finance Hyflux’s investments or general corporate funding requirements. In its latest result statement for the quarter to Mar 31, Hyflux’s total borrowings and debt securities stood at $198.6m.