Singapore company briefs: SATS, Raffles Education, Chip Eng Seng, TEE International, Advancer Global and Khong Guan.
SATS said Friday it has accepted an offer from JTC Corp. for a 30-year lease at a property at Bulim Lane in the Jurong Innovation District, with a total land rent for the period at S$42.6 million.
The company’s institutional catering businesses, currently located at several JTC-leased locations on Pandan Loop, will be transferred to the new location, which will also include advanced food manufacturing with automation and Internet of Things (IOT) to boost operational efficiency, SATS said in a filing to SGX.
“The [SATS Food Hub (SFH)] will also incorporate an open innovation platform to test-bed new products and services, and provide the channels to commercialise viable food solutions in new markets. The total development costs for the SFH, including equipment, is projected to be approximately S$150 million,” SATS said.
Raffles Education said Saturday its wholly owned subsidiaries, Raffles K12 and Raffles Iskandar, had received letters of offer from Affin Bank with revised terms to settle the balance of outstanding debts which each unit owes.
“The board and management are reviewing and considering the letters of offer carefully with its professional adviser,” Raffles Education said in a filing to SGX.
Chip Eng Seng
Chip Eng Seng said Friday it has completed the divestment of the property at 69 Ubi Crescent.
TEE International and Advancer Global
TEE International said Friday it has decided to decline the indicative offer to acquire TEE Infrastructure’s entire stake in G3 Environmental for S$5.5 million; TEE Infrastructure is wholly owned by TEE International.
Advancer Global‘s wholly owned subsidiary Advancer Global Facility and a third-party financial investor had offered to acquire TEE Infrastructure’s 51 percent stake in G3 in early March; AGF currently holds 20.1 percent of G3, while the investor holds 29.8 percent.
Khong Guan warned Friday it expected to report a net loss for the six months ended 31 January.