Corporate digest
Artivision Technologies
VIDEO solutions provider Artivision Technologies is in discussions to extend the Dec 31, 2018 long stop date on its acquisition of electronic payment and online retail business Mobile Credit Payment. The company had said previously that the proposed acquisition would present an opportunity to acquire a new business and enhance value for shareholders. The total consideration for the acquisition includes a base consideration of up to S$80 million for the purchase of sale shares held by the shareholders of MC Payment; an additional consideration of up to S$20 million; and an amount of up to S$25 million in respect to the acquisition of iFashion Group, an online fashion venture platform that MC Payment is in the process of acquiring.
CITIC Envirotech
MAINBOARD-LISTED Citic Envirotech has clinched two engineering, procurement and construction (EPC) projects worth a total of 490 million yuan (S$97 million), it said on Wednesday.
The first project, which has a contract value of 350 million yuan, involves the construction of the Andongyuan Integrated Wastewater Treatment Plant in the Jinjiang Economic Development Zone in Jinjiang City, Fujian Province.
The plant has a design capacity of 80,000 cubic metres per day and will primarily treat wastewater from the textile and dyestuff tenants located within the industrial zone. It is expected to be completed by November 2019.
The second project, which has a contract value of 140 million yuan, involves the expansion of the Nancun Water Purification Plant in Panyu District in Guangdong Province, and is slated for completion by October 2019.
Both projects will employ the group's advanced proprietary membrane bioreactor technology to treat wastewater.
Cache Logistics Trust; Sembcorp Industries
SEMBCORP Industries will install and operate rooftop solar panels at three logistics warehouses in Singapore owned by Cache Logistics Trust, the companies said on Wednesday.
Under a solar power agreement signed by the companies, Sembcorp will own and operate the rooftop "solar farms" with a combined capacity of about 7.9 megawatts peak, atop Cache's Commodity Hub, Pandan Logistics Hub and Cache Changi Districentre 1.
When completed, the Commodity Hub will house Singapore's largest rooftop solar facility to date, representing some 6.2 megawatts in peak capacity. When fully installed in mid-2019, the system is expected to produce over 9,400 megawatt hours of power annually, or enough renewable energy to power more than 2,000 four-room HDB flats in a single year, the companies said.
The solar panels will significantly lower Cache's carbon footprint, and any surplus solar power generated will be channelled to the grid.
ISOTeam
BUILDING maintenance and estate upgrading company ISOTeam has been awarded a second Home Improvement Programme (HIP) project from the Housing and Development Board.
The project is expected to be completed by June 2020 and has a contract value of around S$26.3 million. The upgrading works are for 35 HDB blocks across four precincts in Tampines, Jalan Bukit Merah/ Silat Avenue and Kim Tian Place.
Koon Holdings
MAINBOARD-LISTED Koon Holdings announced on Wednesday that Ron Loi Lup Sheng has resigned "to pursue personal interest and other opportunities" less than a year after his Jan 16, 2018 appointment as chief financial officer. The civil engineering and construction company has appointed Yee May Yo, 47, as his replacement with effect from Dec 31, 2018. She was previously senior audit manager at Ernst & Young from July 2002 to December 2018.
Luzhou Bio-Chem Technology
LUZHOU Bio-Chem Technology has appointed director of finance Koh Pee Keat as its new chief financial officer (CFO) with effect from Jan 1. Previously, Mr Koh had been the director of finance since joining Luzhou Bio-Chem in July 2008. Before joining the company, he was senior vice-president and chief financial officer of Westcomb Financial Group from 2003 to 2007. He was also a senior vice-president at Bexcom, assisting the chief financial officer between 2000 and 2002, and was a vice-president at DBS Bank from 1982 to 2000.
Pan Ocean
SINGAPORE-LISTED dry bulk carrier Pan Ocean said the sales amount for its shipping contract with Brazilian mining giant Vale International will drop to about US$45 billion from US$58 billion due to bunker fuel oil prices. Both companies have agreed to change previously agreed long-term consecutive voyage contracts dated Sept 21, 2009, to contracts of affreightment (COAs), the South Korean company said in an exchange filing on Wednesday. These contracts are for the transportation of about 238.4 million tons of iron ore from Brazil to China over roughly 19 years. The existing terms and conditions regarding freight, cargo quantity, and the other contractual terms remain the same with no material impact to Pan Ocean's revenue. The revised contracts were issued on Dec 31, 2018.
