Corporate digest

Thakral Corp

THAKRAL Corp has adopted a dividend policy of declaring and paying a dividend twice a year, by June and December. The quantum of dividend will be at the discretion of the board, taking into consideration the overall cash and financial position, and future operational and investment needs of the group. However, it noted that the dividend policy does not constitute a legally binding obligation to declare future dividends.

Travelite

YG Marketing, a unit in which Travelite Holdings has an 87.3 per cent stake, reported that a purchaser has on March 2 exercised the option to buy the property at 205A Kallang Bahru for S$3.9 million.

YG Marketing had granted the option on Feb 18 to the unnamed buyer for the purchase of the three-storey detached factory building comprising office and warehouse spaces, and a gross floor area of approximately 2,689 square metres. Under the listing rules, the proposed disposal constitutes a "major transaction", and the approval of shareholders at an extraordinary general meeting is therefore required for the proposed disposal.

Mencast Holdings

MENCAST'S associated company Vac-Tech Engineering has secured the renewal of a five-year contract with an oil supermajor for the purchase and collection of certain hazardous waste disposal services from the oil supermajor by Vac-Tech.

Further, the contract could be extended by another two years, at the option of the unnamed oil supermajor.

Vac-Tech had entered into a side agreement with Mencast's wholly owned unit Mencast Offshore & Marine (MOM), awarding the latter various waste treatment, processing and disposal works arising from or in connection with the contract - valued at approximately S$40 million over a five-year period - from the oil supermajor.

MOM has furnished a guarantee to the oil supermajor for the benefit of Vac-Tech. Hence, MOM shall be entitled to claim against Vac-Tech for all losses suffered by MOM pursuant to any claim by the oil supermajor on the guarantee, provided that such loss had arisen or was due to the fault, breach and/or negligence of Vac-Tech, and such fault, breach or negligence had occurred prior to the acceptance by MOM of the relevant delivery of waste products by Vac-Tech.