SG briefs: Thai Beverage, ALOG, Raffles Education, Temasek, Darco Water, Mewah

Chang Beer, made by Thai BeverageChang Beer, made by Thai Beverage

Singapore company briefs: Thai Beverage, ARA LOGOS Logistics Trust, Raffles Education, Temasek Holdings, Darco Water Technologies and Mewah International.

Thai Beverage

Thai Beverage is dusting off its plan to hold an initial public offering (IPO) of its brewery unit in Singapore, which had been shelved due to the Covid pandemic, Bloomberg reported Tuesday, citing people with knowledge of the matter. 

The company, which is speaking with financial advisers to gauge interest in the potential offering of BeerCo, wants to raise around US$2 billion, Bloomberg said, citing the sources. 

Read the Bloomberg report

ARA LOGOS Logistics Trust, Raffles Education and Temasek’s Heliconia Capital

ARA LOGOS Logistics Trust (ALOG) said Tuesday it was notified by Chairman and Non-Executive Director Lim How Teck that he had attended the Commercial Affairs Department (CAD) of the Singapore Police Force for his formal arrest and posting and release on bail in an investigation concerning Raffles Education. 

“The board of directors of the ALOG manager have reviewed the position and contributions of Mr. Lim and is of the view that the proceedings relate to his role in REC, and does not involve ALOG or the manager,” ALOG said in a filing to SGX.

Lim is Raffles Education’s lead independent non-executive director. In addition, he is the chairman of Heliconia Capital, an indirect subsidiary of Singapore state-owned investment company Temasek Holdings

Raffles Education said early Tuesday the CAD notified certain directors, including Chairman and CEO Chew Hua Seng, to attend the CAD offices for their formal arrest and posting and release on bail. 

Read more: Raffles Education: CAD to arrest certain directors, including Chairman Chew, in Affin Bank investigation

Darco Water Technologies

Darco Water Technologies said Tuesday it has received a default judgement in Singapore against Emsus Co. and Do Yun Yu for US$813,000, plus interest and costs, after the two failed to appear over the writ against them in the matter of the reversal option exercised on the PT Panghegar Energy Indonesia deal. 

“The company is evaluating the considerations relating to the enforcement of the default judgment against any assets” of Emsus and Do, Darco Water said in a filing to SGX. 

The company noted the maximum further impairment it may need to make for the matter for 2021’s results will be around US$652,958, which would have a material impact on financial performance.

Read more: Darco Water: Issued second letter of demand to Emsus on missed payments

Mewah International

Mewah International said Tuesday it has obtained a green trade finance (GTF) facility agreement of US$25 million from UOB, its first green financing facility. 

The facility is to be used exclusively for the sale of palm products with valid certification from the Roundtable on Sustainable Palm Oil (RSPO) or the International Sustainability and Carbon Certification (ISCC) or any other approved certificates, Mewah said in a filing to SGX.

Grand Banks Yachts

Grand Banks Yachts said Tuesday its yard in Pasir Gudang, Malaysia, has temporarily halted operations, since 21 February, on an order from Malaysia’s Ministry of Health after 44 Covid-19 cases were detected there over a three-day period.

Operations will resume on 28 February, but the halt will impact performance for the quarter ending 31 March, the company said in a filing to SGX. 

The company noted its current workforce is all vaccinated, and around 88 percent has received a booster.