Corporate digest

Leader Environmental Tech

ENVIRONMENTAL scientist Lin Yucheng has been appointed chief executive officer and executive chairman of Leader Environmental Technologies (LET) from Jan 1, the board of the China-based investment holding company said on Monday.

Dr Lin founded environmental engineering company Citic Envirotech in 2003 and helmed it as chief executive for 15 years. He also served as an adviser to the Singapore government on the Republic's environment and water industry.

LET's current executive chairman and chief executive Lin Baiyin will step down and remain an executive director of the company.

Swiber

RAWABI Holding Company, an oil and gas conglomerate in Saudi Arabia, on Monday signed an agreement committing a US$10 million investment into a new, wholly-owned subsidiary of debt-laden offshore and marine group Swiber Holdings.

The new subsidiary will be incorporated in Singapore, and Rawabi's share will constitute approximately but no less than 80 per cent of the new company's enlarged total issued shares.

Rawabi has also committed to pursue an initial public offering of the new company's shares.

As part of the agreement, Rawabi will also invest US$190 million in Swiber's existing wholly-owned subsidiary Equatoriale Energy.

CDW

PRECISION components specialist CDW has seen an increase in demand for LCD backlight units for automobile displays, as carmakers in Germany and the US are increasingly adopting fully digital dashboards for higher-end models.

In a business update on Monday, CDW reported that its sales of automotive digital instrument panels of at least 10 inches in size grew over nine times since January this year, or at a compounded rate of 23.3 per cent each month. The company expects the value of orders for this category of products to amount to over US$5 million for December 2020 alone.

Strong demand for digital instrument panels is expected to continue growing throughout 2021, it said.