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.
SEE ALSO
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
If inflation continues to build, the Fed won’t be able to maintain neutral stance for long
Asia markets mixed after Fed leaves rates unchanged; STI rises 0.1%
Singapore Savings Bond 10-year average yield hits year-to-date high of 3.33%
Universal Music Group reaches new licensing agreement with TikTok
Sumitomo to bolster shareholder returns in new mid-term plan
US Fed ‘less hawkish’ than expected; Singapore banks, net cash companies likely to outperform