These are the Singapore companies which may be in focus on Wednesday, 27 March 2019:
Singapore Technologies Engineering
Singapore Technologies Engineering said late on Tuesday it has clinched a contract to supply 80 Automated Guided Vehicles (AGVs) to Singapore container port operator PSA Corporation.
The deal is ST Engineering’s first in the area of autonomous material handling solutions.
Each AGV can transport two 20-foot or one 40-foot container weighing up of 65 tonnes. The vehicles have a top speed of 25km/hour, and are powered by an eco-efficient electric power system to reduce emission and noise.
The AGVs will be deployed at PSA’s new port in Tuas, which will commence operations in phases from 2021.
ST Engineering did not disclose the value of the contract.
Metro Holdings, a property developer and department store operator, said late on Tuesday it will issue S$165 million worth of notes due 2024 that will carry an annual interest rate of 4.3%.
The notes are from the company’s S$1 billion Multicurrency Debt Issuance Programme established on 4 October 2018.
The net proceeds from the notes will be used for general corporate purposes, including the financing of investments, acquisitions and capital expenditure, refinancing of existing borrowings and general working capital, Metro said.
Singapore water company Hyflux said late on Tuesday that the proposed rescue by Indonesia’s Salim and Medco groups is still on the table although it conceded that several problems have emerged.
These include the Indonesian group’s unwillingness to adjust the terms of the restructuring agreement following a warning that Singapore water agency PUB might nationalize the Tuaspring desalination plant, Hyflux’s largest asset.
Salim and Medco last year agreed to pump S$530 million into Hyflux in return for a 60% stake. The investment, through a joint venture called SM Investments, involved the purchase of new Hyflux shares for S$400 million and the provision of another S$130 million in the form of a shareholder loan.
“While certain disagreements have recently emerged between the company and SM Investments, and the company has tried but has been unable to meaningfully engage with the investor, the restructuring agreement entered into between the company and the investor dated 18 October 2018 remains in force,” Hyflux said in a statement.
TEHO International said on Tuesday it has “significantly expanded” its operations in the U.S. by setting up its own wire rope rigging facility at Houston, Texas.
Its U.S. unit had previously relied on contractors and outsourcing to meet customer’s demand for wire ropes and a third-party warehouse to manage the logistics for its synthetic rope inventory.
Singapore-based TEHO specialises in offshore marine, engineering and property development.
Tiong Woon Corporation
Tiong Woon Corporation Holding said on Tuesday its wholly-owned subsidiary, TWC Arabia, has reached an out-of-court settlement with subcontractor Bo Won Lee Contracting Establishment.
Bo Won Lee had filed a claim against TWC Arabia for an amount of SAR 11,384,439 (about S$4.1 million) on 24 May 2018.
IT products retailer Challenger Technologies has appointed Deloitte & Touche Corporate Finance as the independent financial advisor for the proposed takeover offer by Digileap Capital, an investment vehicle representing the family of Challenger’s CEO Loo Leong Thye and the Dymon Asia Private Equity (S.E. Asia) Fund II.
Deloitte & Touche will advise members of the board who are considered independent for the purposes of the exit offer.