CapitaCommercial Trust has signed a conditional put and call option agreement with Tincel Properties (Private) Limited on 18 March 2006 to acquire the 99-year leasehold Raffles City, located in Singapore’s Central Business District, for S$2.085 billion.
Concurrently, CapitaCommercial Trust and CapitaMall Trust have signed a collaboration agreement where CCT is committed to acquire a 60% interest in Raffles City, and CMT is committed to acquire the remaining 40%, subject to the approvals of the respective unitholders. In the event that the transaction is not approved by CMT’s unitholders, CCT will acquire 100% interest in Raffles City.
Raffles City is a prime integrated development comprising an office tower, two hotels, a shopping centre, a convention centre and three basement car parks. CMT will be taking a 40% stake in RC as the shopping centre component contributed approximately 40% of the total net property income of RC in 2005. The entire transaction is expected to be completed by end-August 2006.
CapitaMall Trust is the first listed REIT in Singapore. Launched in 2002, it invests in quality income producing properties, which are income-producing and used, or predominantly used, for retail purposes, in Singapore. [+]
Multi-Chem Limited has purchased new computer numeric controlled mechanical drilling machines and laser drilling machines from a third party Japanese machine manufacturer. The investment is driven by the demand from certain key customers in China.
The investment amounts to approximately USD10.0 million and is to be funded by a combination of internal resources and bank borrowing. The Company is currently arranging for a term loan to finance this capital expenditure.
Delivery of the machines will be made in batches and full delivery is expected to be completed by the end of 3Q2006. Once full delivery is completed, the Group's mechanical drilling capacity will increase by approximately 32% and its laser drilling capacity will increase by 20%.
Multi-Chem is a drilling and routing service specialist and a major distributor of specialty chemicals and materials to PCB manufacturers. [+]
The new contracts involve the design, development, integration and supply of:
- Wellhead control ESD systems to be installed on 14 new platforms being constructed for Saudi Aramco, the world’s largest oil & gas producer which manages approximately one quarter of the world’s proven oil reserves.
- Integrated control and safety shutdown systems to be installed on two Floating, Production, Storage and Offloading vessels – one of which will be utilised offshore Brazil and the other which will operate at New Zealand’s Tui Fields, the country’s first stand-alone offshore oil development project.
- Wellhead control systems to be installed on five new platforms being constructed for ONGC in India.
Boustead is a progressive global Engineering Services & Geo-Spatial Technology Group. [+]
Asia Environment Holdings Ltd has signed a deal to design, build and operate a water supply and wastewater treatment plant in the Harbin Binxi Economic Development Zone with a total investment value estimated at RMB 185 million.
The plant will have capacity to supply 50,000 tonnes per day of clean water and treat 50,000 tonnes per day of wastewater discharged by the Harbin Binxi Economic Development Zone. Phase I of the project is estimated to be around RMB 110 million for half the capacity for both clean water and wastewater.
Asia Environment is one of China’s pioneers in the water and wastewater treatment industry with 19 years of experience. [+]
Whitehouse Holdings Pte Ltd, a wholly-owned subsidiary of the Company has accepted an Option to Purchase from Chan Wai Leng and Yeo Ah Chew with an option granted to the Purchaser to acquire a property located at Blk 135 Jurong East Street 13 #01-315 Singapore 600135 for a purchase consideration of S$4,700,000. The Property is acquired with the existing tenancy.
The Acquisition is in line with the Group’s existing core business of property leasing and management. As the Property is located in Jurong Town Centre, the Directors believe the Property would have substantial development potential.
Vita Holdings Limited is a growing Shipping group, focused on Ship Chartering in the PRC market. [+]
Memory Devices Limited has entered a Share Exchange Agreement to acquire the entire issued share capital of TwinMOS for US$96.8 million by way of the issue of 375,198,102 new MDL shares priced at 42 cents per share. The new MDL shares are not entitled to the US0.877cents dividend declared and proposed by MDL for the financial year ended 31 December 2005.
The acquisition is a merger of two key players in the industry – MDL and TwinMOS, which have a long standing business relationship.
Memory Devices Limited was established in 2001 to engage in the research and development, manufacture and sale of solid state memory storage products for use in personal computers, laptops, servers, and networks as well as a wide array of consumer electronics (such as mobile phones, digital cameras and PDAs), industrial, and communications applications. [+]
As the Chief Financial Officer, Mr Kek will be responsible for all financial and corporate development aspects of the Group, including corporate strategies, corporate finance, financial reporting, human resources and administration support of operations. Mr Kek will also oversee the investor relations and merger & acquisition activities of the Group.
Prior to joining the Group, Mr Kek was the Associate Director with KPMG Corporate Finance Pte Ltd. During his tenure, he has accumulated extensive experience advising major corporations in undertaking flotations, acquisitions, divestments, and financing transactions. He has assisted growing businesses to develop appropriate business strategies as well as procedures to determine valuations and expected returns on investment projects. Mr Kek graduated with a Bachelor of Accountancy degree (Honours, 2nd upper) from Nanyang Technological University.
Advanced is an ISO9001:2000 certified specialist company which designs and supplies process equipment and process technologies to cater to the different needs of its customers in the chemical and petrochemical, oil and gas, power generation and micro-electronics industries [+]
Petra Foods has acquired the remaining 30% stake in joint venture company Sime Darby Marketing Sdn Bhd from its JV partner, Sime Malaysia Region Berhad, a wholly owned subsidiary of Sime Darby Berhad, one of Malaysia’s largest conglomerates.
The acquisition cost amount to RM1.52 million in cash for the remaining 30% stake. Petra Foods had initially taken a 70% stake in Sime Darby Marketing In September last year.
Petra Food Limited and its subsidiaries is one of the world’s major manufacturers and suppliers for premium cocoa ingredients, namely cocoa powder, cocoa butter and cocoa liquor. [+]
Stamford Tyres Corporation Limited unveiled Falken’s new FK452 high performance tyres. Available in 74 sizes from 16 – 19 inches (30 – 55 series) and 16 – 22 inches (25-55 series), the FK452 is the latest in tyre design and technology.
Specifically developed for performance cars in the medium to luxury range, the FK452 has the advantage of precise handling through its linear responsive 5 ribs design and 3-dimensional round blocks, better wet weather performance through its aqua multi-angled grooves, and quietness through its phase-shifted random pitch variation.
Stamford Tyres is a major tyre distributor and wheel manufacturer. [+]
Cyber Village has appointed Mr Kelvin Tan as the E-Business Director with effect from 1 January 2006.
His main focus is on the operations and business development of our Malaysian office. Kelvin was previously Director of Strategy & Operations for Deloitte Consulting Malaysia, and prior to that has held roles in Booz●Allen & Hamilton Inc. in the U.S.A. and Royal/Dutch Shell in Malaysia and the U.K.
Kelvin has had extensive business experience working in the U.S., Europe, and Asia, with a particular focus on assisting clients in the areas of competitive and economic strategy, as well as operational improvement.
Cyber Village specialises in the new generation technologies such as Java, Microsoft's .NET, Opensource Linux and PHP to build leading edge e-business applications to reengineer, streamline or enhance operational efficiencies for multi-national corporations and small medium enterprises. [+]
“…This merger will be a win-win situation for both companies. Our industry is fragmented with numerous small players and one large player, namely Kingston Technology with revenue of US$2.4 billion in 2004. Following this acquisition, our sales for 2006 is expected to be in excess of US$500 million. As such, we can garner better support and pricing from our chip suppliers. Apart from organic growth, future acquisitions are expected to follow as it is our strategy to build the company to become the No.2 player in the solid state memory products market in the foreseeable future…”Mr Steve Chen
Chief Executive Officer
Memory Devices Limited.