Corporate digest

Keppel Corporation

KEPPEL Capital Holdings, the asset management arm of Keppel Corp, has entered into a shareholders' deed with Australian Unity to form a 50:50 joint venture (JV) company. Australian Unity provides services in healthcare and finance, as well as retirement and living services. The JV's main objective is to establish funds focused on the Australian metropolitan office sector. In addition, it will also acquire the entire stake in Australian Unity's wholly-owned subsidiary, Australian Unity Investment Real Estate Limited, for about A$400,000 (S$365,634) in cash.

Perennial Real Estate Holdings

PERENNIAL Real Estate has through its wholly-owned subsidiary, Perennial EM Holdings (PEMH), entered into a joint venture (JV) to invest in a mixed-use development in Colombo, Sri Lanka. Other members of the joint venture are HPRY Holdings, Hong Lee Holdings, Longhlin Asia and an unrelated party. PEMH will hold 31.25 per cent in the joint venture company, Perennial CBL (PCBL). PCBL and Pyramid Wilmar Plantations will, in turn, hold stakes of 80 per cent and 20 per cent respectively in Perennial Real Estate Lanka, which will acquire the land and develop the project. The total expected contribution by Perennial for the JV is US$17.5 million.

Hyflux

IN RESPONSE to queries from the Singapore Exchange, Hyflux has clarified that with the appointment of Clifford Chance and Cavenagh Law as the company's new legal advisers, the extension of the moratorium granted by the court for Hyflux applicants to Feb 28 and/or the discharge of WongPartnership (WongP) will not have a material impact on Hyflux's restructuring. Earlier this week, WongP at a High Court hearing applied to discharge itself from representing Hyflux, citing a serious "loss of confidence" between itself and Hyflux.

Ayondo

AYONDO has made an application to the Singapore Exchange for a three-month extension to submit a proposal to resume trading, as it needs more time to identify suitable targets for injection into the company, it said. The company also intends to change auditors from Ernst & Young to Foo Kon Tan.