These are the Singapore companies which may be in focus on Tuesday, 26 March 2019:
Singapore Telecommunications said late on Monday it will offer mobile subscribers who also take up its broadband packages free subscriptions to Amazon’s Prime service, as the two companies attempt to shore up their positions in the city-state.
Singtel, the Singapore market leader, faces increasing competition in its home market as Australia’s TPG prepares to launch a commercial service as the city-state’s fourth telco.
Amazon, meanwhile, is attempting to make inroads in a market where the likes of Alibaba’s Lazada and Netflix have early mover advantage.
Singtel also announced on Monday the appointment of Dominic Barton as an independent board director with immediate effect. Barton was global managing partner at McKinsey until July 2018. He served as McKinsey’s chairman in Asia from 2004 to 2009 and headed the South Korea office from 2000 to 2004.
A group led by Keppel Corp has entered into an agreement to buy Yi Fang Tower, a recently completed Grade A office and retail mixed-use development in Shanghai for RMB 4.6 billion.
Alpha Asia Macro Trends Fund III, which is managed by Alpha Investment Partners, the private fund management arm of Keppel Capital, will have 42.1% of the company holding the asset. Keppel Land China will take up 29.8% and the remaining stake will be held by the other co-investors.
Yi Fang Tower is located in the centre of the North Bund area and is in close proximity to the Lujiazui Financial Centre and the Bund, making the property well-positioned to attract multinational corporations looking to relocate from other areas, Keppel said in a statement on Tuesday.
Hyflux, whose shares are suspended, said late on Monday that Algerian Energy Company SpA plans to file arbitration proceedings against Tlemcen Desalination Investment Company SAS, Malakoff Corporation and Hyflux on matters relating to a 200,000 m3/day seawater desalination plant in Algeria.
The filing was with the International Chamber of Commerce International Court of Arbitration.
Separately, a protest against Hyflux’s restructuring plan and recent developments involving the embattled water treatment firm has been planned for the afternoon of Saturday, March 30 at the Speakers’ Corner in Hong Lim Park.
Camsing Healthcare, which distributes and sells health supplements under the Nature’s Farm brandname, on Monday announced the appointment of three independent directors to replace three others who had resigned over audit concerns.
Patel Anand Rameshchandra, Tay Chiew Sheng and Lim Heng Huat replace Ong Wei Jin, Maurice Tan Huck Liang and Lau Chin Hock Kenneth Raphael. Ong, Tan and Lau had been independent directors since November 2015, according to the Business Times newspaper.
Mencast Holdings, a marine engineering company, said on Monday its wholly owned subsidiary Mencast Marine has given an independent third party an option to purchase a property for S$13.5 million.
The price for the property at 7 Tuas View Circuit is lower that the valuation of S$16.3 million but higher than the forced sale valuation of S$13 million. Mencast had put up the property for sale in April 2018 but received only one offer.
Nevertheless, Mencast expects to record a net gain on the proposal disposal of approximately S$5.1 million.
Integrated healthcare company Clearbridge Health said on Monday that subsidiary, Clearbridge Biophotonics, has secured new funds to accelerate the commercialisation of its computational imaging microscopy technology that is powered by in-house proprietary algorithms.
SEEDS Capital Pte Ltd, the investment arm of Enterprise Singapore, will subscribe for S$1.0 million of convertible bonds, while a wholly-owned Clearbridge subsidiary, Clearbridge BSA, will convert existing loans made to Clearbridge Biophotonics for S$1.0 million of the convertible bonds.
Clearbridge Biophotonics has developed devices for live cell imaging that can be used for drug discovery and biomedical research.
Kim Heng Offshore & Marine
Kim Heng Offshore & Marine Holdings, an offshore and marine services provider, said it has secured various fabrication jobs valued a total of around S$7 million from a well-established customer.
Completion of these fabrication jobs is scheduled to take place over six months commencing from the first quarter of the current financial year ending 31 December 2019.
Kim Heng did not name the customer.