Corporate digest

Technics Oil and Gas

TECHNICS Oil and Gas' agreement to transfer its listing status on the Singapore Exchange to privately owned Insonotech has been called off. Technics O&G said the conditions of the agreement, worth S$5 million, were unfulfilled as at the long-stop date of March 31, 2019. It will consider proposals from other interested parties.

Clearbridge Health

CLEARBRIDGE Health is acquiring a controlling stake in PT Indo Genesis Medika (IGM Labs) for 54 billion rupiah (S$5.1 million) through its indirect wholly owned subsidiary SAM Laboratory. Under an agreement with PT Kreasi Putra Nusantara (KPN), SAM will acquire 49 per cent of the total issued and paid-up capital of IGM Labs.

On top of this, SAM is to subscribe for an exchangeable bond issued by KPN at an issue price of 23 billion rupiah, exchangeable into shares in IGM representing 20.6 per cent of its total issued share capital. SAM is also subscribing for a redeemable exchangeable bond at an issue price of 22 billion rupiah, exchangeable into shares in IGM representing 20 per cent of its total issued share capital, subject to KPN's option to redeem the bonds within one year from the completion date of the proposed transaction.

Sunpower Group

SUNPOWER has secured a 34.5 million yuan (S$6.96 million) manufacturing and services contract from East China Engineering Science and Technology Co (ECEC). ECEC is one of the subsidiaries of state-owned China National Chemical Engineering Group.

Sunpower will provide equipment and construction installation services for the flare gas system of Phase 1 of the Yulin Recycling Economy Coal Comprehensive Utilisation Project.