Corporate digest

Olam International

AGRI-FOOD giant Olam International's unit Olam Food Ingredients (OFI) has confirmed plans to develop a new dairy processing facility in Tokoroa, New Zealand.

The first stage of this investment development is expected to be commissioned in the third quarter of 2023, which the company said is in time for "New Zealand's peak season". The facility is also expected to create 50 to 60 full-time jobs when fully operational.

Olam said the Tokoroa plant will become part of a global network that spans 20 major milk consumption markets including South-east Asia, China, the Middle East and Africa.

OFI Dairy's senior vice-president Naval Sabri said that additional facilities will be added to the plant over time to expand the range of high-value ingredient products manufactured at the site. These products will target key customer applications in dessert, bakery, beverage, and confectionery categories.

Low Keng Huat

PROPERTY player Low Keng Huat on Tuesday reported net profit of S$25.1 million for the first half of the fiscal year ended July, down 52 per cent from profit of S$51.9 million in the corresponding year-ago period.

Revenue for the period rose to S$88.9 million from S$22.9 million for the same period last year, which the group attributed primarily to a higher contribution from its development revenue.

However, cost of sales also rose significantly to S$77.9 million from S$16.6 million due mainly to higher sales at Uptown @ Farrer.

Looking ahead, the company said it will continue to be selective in land bidding and investment projects, and noted that recovery from the impact of the Covid-19 pandemic on the global economy is expected to be gradual.

King Wan Corporation

BUILDING services company King Wan Corporation and energy start-up Evercomm Singapore have entered into a 70:30 joint venture agreement to establish a joint venture company named King Wan Eco Solutions (KWES) to support the Singapore Green Plan 2030.

KWES - which will have an issued and paid-up share capital of S$10,000.00 divided into 10,000 ordinary shares held by both companies - will provide retrofitting and upgrading solutions, as well as system integration services, for buildings and facilities in Singapore.