Oniontech

Oct 9, 2016

; Edition Ltd to sell stake in Onion Holdings Subscribe to our newsletter Manesha Pereira October 9, 2016: &nbsp The latest in the deals space in Singapore has seen  UPP Holdings entering into an agreement to acquire shares and notes in Taiga Building Products and Edition Limited enter into a sale and purchase agreement with Onion Holdings. UPP to acquire significant stake in Canadian firm Paper mill company UPP Holdings announced last Wednesday that it had entered into an agreement to acquire shares and notes in Taiga Building Products, a Canadian wood products manufacturer from two entities, one of which is linked to a director of UPP. In a filing to the Singapore Exchange, UPP said it will acquire a 58.3 per cent of Taiga Building Products which includes the 19.3 per cent of Taiga held by UPP’s director Tong Kooi Ong. The remaining 39.09 per cent or 12.7 million shared will be acquired by Berjaya Corporation and its unit, Berjaya Forest Products. The group will also acquire Berjaya’s C$46 million worth of 14 per cent unsecured subordinated notes issued by Taiga or 35.71 per cent of outstanding notes, for C$52.9 million. In addition, the group will acquire a 19.25 per cent stake in Taiga, or 6.2 million shares from Genghis, which is controlled by a trust which lists Tong as the sole beneficiary, for C$6.2 million. The acquisitions are subject to approval by UPP shareholders in a general meeting. Edition Limited sells 57.5 per cent stake in Onion Holdings Edition Limited announced last Wednesday that it has sold its entire 57.50 per cent shareholding interest in Onion Holdings back to the company and three of its executives for approximately $2.14 million. Executive director Lee Jei Hoon, CEO Jang Jong Jung and co-founder and CTO Hur Jung Young will each acquire a 6.43 per cent stake with the remaining 38.2 per cent being held by Onion. In a filing to the Singapore Exchange, Edition said the disposal was in line with its strategy of reducing its involvement in the loss-making software solutions business in Korea and focusing instead on its core business in property development and agriculture. The consideration will be satisfied wholly in cash and following the transaction, Onion will no longer be a subsidiary of Edition. Also Read: