SG briefs: SembMarine, iFAST, Boustead Projects, Ascendas India Trust

Johan Castberg FPSO departing Sembcorp Marine Tuas Boulevard Yard following completion of the FPSO hull and living quarters in early 2022. Credit: Sembcorp Marine (SembMarine)Johan Castberg FPSO departing Sembcorp Marine Tuas Boulevard Yard following completion of the FPSO hull and living quarters in early 2022. Credit: Sembcorp Marine (SembMarine)

Singapore company briefs: Sembcorp Marine (SembMarine), iFAST Corp., Boustead Projects and Ascendas India Trust.

Sembcorp Marine (SembMarine)

Sembcorp Marine (SembMarine) gave notice Tuesday that it has posted three consecutive years of losses, but that its average daily market capitalization for the past six months was S$2.64 billion.

SGX will place an issuer on the watch list if it posts pre-tax losses for the previous three financial years and if its average daily market capitalization over the previous six months was less than S$40 million. 

iFAST Corp. 

IFAST Corp. said Tuesday it has completed the acquisition of 85 percent of BFC Bank, and an investment in the bank for a total of GBP40 million, or around S$72.05 million.

Read more: iFAST enters deal to acquire 85 percent of UK-based BFC Bank

Ascendas India Trust

Ascendas India Trust said Tuesday it has completed the acquisition of Anomalous Infra, which holds a 330,000 square foot warehouse at the Arshiya Free Trade Warehousing Zone, Panvel, Navi Mumbai. The warehouse will be leased back to Arshiya Panvel FTWZ Services for six years, the REIT said in a filing to SGX. 

Read more: Ascendas India Trust enters definitive deal to acquire Navi Mumbai-based warehouse

Boustead Projects

Boustead Projects said Tuesday its wholly owned subsidiary Boustead Projects E&C received fines totalling S$94,000 for 10 charges under the Air Navigation Act related to the use of unmanned drones at two construction sites. Eight charges were related to operating an unmanned aircraft without a permit, the company said.

“While BP E&C did apply for and obtain the requisite class 1 activity permits for certain periods at the Kranji Site and Cleantech Site, the unmanned aircrafts were operated on specific dates/timings that were not covered under the said permits,” the company said in a filing to SGX. In addition, there were two charges related to failing to operate an unmanned aircraft in accordance with the permit, the filing said.

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