High Court approves Pan-United’s proposed capital reduction plans

SINGAPORE (Nov 16): The High Court of Singapore has granted Pan-United Corp the Order of Court approving its proposed capital reduction and proposed distribution.

In May, the group focused on concrete & cement and ports better known as PanU, announced it was planning to spin off its ports business, Xinghua Port Holdings, to be listed in Hong Kong, as well as raise up to $60.9 million from a rights issue to pay off port-related debt.

See: Pan United proposes to de-merge & list port business; plans rights issue to raise $61 mil

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