Corporate digest

Sysma Holdings

CATALIST-listed builder Sysma Holdings has won an S$18.6 million contract to build a two-storey Good Class Bungalow at 28, Jalan Kampong Chantek, off Dunearn Road. The Business Times reported previously that Super Group co-founder Ronald Te had bought the property for S$27.59 million. Sysma's 20-month contract will start when a demolition permit is issued by the authorities, likely by end-December.

MMP Resources

CONSTRUCTION company MMP Resources is acquiring a 50 per cent stake in a joint venture company, which owns an operating gas field in Russia, from Lloyds Energy for S$25 million. The JV company owns the Asia One gas field in Russia's north-west region, valued at S$50 million by MMP-appointed independent valuer Gaffney, Cline & Associates.

Pacific Radiance

OFFSHORE and marine group Pacific Radiance has been given an extension of moratoria on certain legal proceedings against the company, which were due to expire on Dec 11. The board added that it intends to apply to the High Court for another extension at its next hearing, which will be held on the new expiry date of Jan 14, 2019.

The board noted also on Wednesday that two vessels have since been deemed not integral to Pacific Radiance's planned restructuring - a change reflected in the court's order. It has reached an agreement with creditor Standard Chartered to sell the vessels.