Corporate digest
GSH Corporation
THE property developer on Tuesday proposed to repurchase up to S$20 million of its S$70 million notes due 2020 in cash at par, together with applicable accrued interest.
The Series 002 notes carry a coupon of 5.15 per cent and fall under the company's S$800 million multicurrency medium-term note programme.
The proposed repurchase starts on May 26 until June 8, with DBS Bank acting as the buyback agent.
Sapphire Corporation
SAPPHIRE Corporation's subsidiary Ranken Railway Construction Group has secured two engineering, procurement and construction (EPC) contracts in Xinjiang's capital Urumqi, and a lease of its tunnel-boring machine - deals with a total aggregate value of about 235.9 million yuan (S$47.66 million).
The EPC transportation-infrastructure project has a contract value of about 203 million yuan for the expansion of the North District of the Urumqi Airport; Ranken will jointly construct (with an undisclosed joint-venture partner) a 1.73 km section from Airport Terminal 4 to East Airport Road - a job that will also include an underground subway station. The project has been scheduled for completion by end 2022.
The other EPC project Ranken has secured is for infrastructure upgrading at Midong district, one of Urumqi's seven urban districts. With a contract value of a 21.5 million yuan, this project is expected to be completed by the end of this year.
