Corporate digest

Frencken Group

INTEGRATED technology solutions company Frencken Group announced on Tuesday that it is acquiring Singapore-incorporated Avimac for a cash consideration of S$14 million.

This is aimed at expanding the business and will be carried out via Frencken's wholly-owned subsidiary ETLA Limited.

Avimac supplies high-precision machining parts to a variety of industries with a specialisation in the aerospace and semiconductor sectors. It was started in 2018 by Joe Lau, a veteran in the precision engineering industry and the founder of JEP Precision Engineering.

In a statement, the group said that this move will enable it to accelerate the expansion of its capacity to support customers' new programmes, particularly from customers in the semiconductor industry, as well as gain access to new technologies and competencies, potentially building a new business pillar in the aerospace industry.

Keppel Corporation

KEPPEL Corporation announced on Tuesday the pricing of S$400 million in aggregate principal amount of 2.90 per cent subordinated perpetual securities.

The securities will be issued in denominations of S$250,000, with no fixed redemption date, and will confer a right to receive distribution payments.

The distribution rate will be 2.9 per cent per annum from Sept 16, 2021 to Sept 16, 2026, which is the first reset date. From the first reset date and every five years after that, the relevant reset distribution rate will be the reference rate with respect to the reset date, plus the initial spread of 2.097 per cent and the step-up margin at 1 per cent per annum.

NutryFarm International

DURIAN and health foods distributor NutryFarm International has bagged a 130 million yuan (S$27 million) sales order for the export of 200 containers of durian from Thailand to China, it said on Monday in a bourse filing.

Its wholly-owned subsidiary Global Agricapital (Thailand) Co entered into a binding purchasing contract with a subsidiary of Anhui Import and Export Co, for the delivery of the durians to Moonda Agriculture Science and Technology.

The purchase contract is on top of 300 containers already committed by Moonda.

Anhui Import and Export Co is a provincial-level foreign trade enterprise approved by the Anhui province's government that NutryFarm signed a non-binding framework agreement with on Dec 28, 2020.

The group's fruit business contributed to 91.3 per cent of its total revenue for the third quarter ended June 30, 2021. The remainder came from NutryFarm's nutrition business - where the group produces nutrition and health food products from traditional medicinal herbs for consumers in China.