Singapore companies in focus on Wednesday, 15 December 2021:
- SembMarine and Bechtel tie up to build gas processing train
- Sembcorp Industries plans to build Europe’s largest battery energy storage system in UK
- ComfortDelGro to acquire Scottish Citylink stake and some Megabus assets in UK
Others: Olam International, Keppel Corp., Keppel REIT, QT Vascular, Vibrant Group, Hyphens Pharma International, Rex International and Informatics Education.
Sembcorp Industries’ wholly owned subsidiary Sembcorp Energy UK (SEUK) plans to build Europe’s largest battery energy storage system in the U.K., the Singapore-listed energy infrastructure company said in a filing to SGX Tuesday.
Sembcorp Marine, via its wholly owned subsidiary Sembcorp Marine Offshore Platforms (SMOP), has entered a contract with Bechtel Overseas Corp. to collaborate on the module assembly for an LNG train to be built at Australia’s Pluto LNG project, the Singapore-listed company said in a filing to SGX Tuesday.
Olam International said Tuesday it has entered an implementation agreement with its subsidiary Olam Group to restructure the company via a scheme of arrangement which will result in Olam Group being the listed entity, which will be followed by Olam Food Ingredients being spun off for an initial public offering (IPO).
The restructuring will require approval from shareholders at an extraordinary general meeting (EGM), Olam said in a filing to SGX.
ComfortDelGro has entered a 8.75 million British pound, or around S$15.84 million, deal with Stagecoach Group to acquire the remaining 35 percent of Scottish Citylink Coaches it doesn’t already own and some assets of Megabus, the land transport operator said in a filing to SGX Tuesday.
Keppel Corp. said Keppel Offshore & Marine (KOM) has received a six-month extension from the Corrupt Practices Investigation Bureau (CPIB) in Singapore to pay the CPIB the balance sum of US$52.78 million, less any penalties paid to Brazilian authorities, as discussions with Brazilian authorities are still ongoing.
Keppel REIT said Tuesday its acquisition of land for development located in North Sydney, Australia, has been completed.
QT Vascular, facing the possibility the extraordinary general meeting (EGM) set for Wednesday would remove all of the company’s directors without replacements, declared late on Monday it would not recognise the validity of the EGM’s outcome.
Vibrant Group reported Tuesday its net profit for the fiscal first half ended 31 October rose 73.3 percent on-year to S$2.95 million on revenue of S$93.66 million, up 26.7 percent on-year.
Revenue increased mainly due to higher freight rates, while other operating expenses dropped sharply on foreign exchange gains, the company said in a filing to SGX.
Hyphens Pharma International
Hyphens Pharma International said Tuesday it has entered an exclusive license and supply agreement with DKSH’s subsidiary Favorex to commercialise a Ustekinumab biosimilar, produced by Alvotech Hf, in Singapore, Malaysia, and the Philippines.
The Ustekinumab biosimilar, which is undergoing clinical studies, is a human monoclonal antibody for the treatment of immune mediated disorders like plaque psoriasis, psoriatic arthritis and Crohn’s disease, the company said in a filing to SGX.
Rex International said Tuesday its subsidiary Rex International Holding (British Virgin Islands), or RIHBVI, and its joint venture partner Monarch Marine Holding have entered loan agreements to extend an interest free, short-term bridging loan of US$13.3 million to their joint venture company Crescent Marine Holding to allow it to proceed with the purchase of its first vessel.
Informatics Education highlighted Tuesday that its independent auditor has included an emphasis of matter due to a material uncertainty which casts doubt on the company’s ability to continue as a going concern.
“The board is of the view that the group is able to continue as a going concern as the group has received letter of financial support from its penultimate holding company, Berjaya Land Bhd., to provide continuing financial support to the group to enable it to continue its operations and meet its liabilities as and when they fall due,” Informatics said in a filing to SGX.