SingHaiyi

SingHaiyi: In an interview by Bloomberg, SingHaiyi, formerly SingXpress is undertaking ambitious moves to beef up its financial muscle and expand into the US property market. If it can pull off this strategy, this could see SingHaiyi even move up to the Singapore Exchange's mainboard. Grp’s CIO told The Straits Times on Tuesday that the progression "could be quite soon given that market cap is moving up. Add that development is difficult for very small players because it's very capital-intensive, which is why grp is shaping, engineering the co so thaycan actually play in this game in a substantial manner. Grp add that SingHaiyi was "looking quite aggressively" at land opportunities in SG, including tenders for residential and commercial sites as well as collective sales. It is also keen on developing relatively small landed projects here and picking up high-quality distressed assets in the US. In particular, the landed projects would be a good source of recurring income, Mr Chan said, adding that SingHaiyi was also looking at developing a revenue stream from project management. Grp noted that the firm would be "flush with capital and looking to deploy it" pending approval of a share placement and rights issue at an EGM to be held later. The share placement and rights issue, which will raise around $226.5m, prompted heavy trading in shares of the penny stock when it was announced on March 11. Recall SingHaiyi also announced then that Mr Neil Bush, the brother of former US president George W. Bush, would become chairman. Mr Bush became chairman on Monday ahead of schedule. His appointment was originally slated for after the EGM.