Corporate digest

Sembcorp Marine

SEMBCORP Marine's Brazilian shipyard, Estaleiro Jurong Aracruz, has completed its first floating production, storage and offloading (FPSO) project. The newbuild vessel, named P-68, will be deployed to the ultra-deepwater Berbigão and Sururu fields in Brazil's Santos Basin.

The vessel was constructed for a consortium comprising Petrobras Netherlands, Total Brazil Services, BG Gas Netherlands Holdings, and Galp Sinopec Brazil Services.

Artivision Technologies

CATALIST-LISTED video solutions provider Artivision Technologies has inked an amended conditional sale and purchase agreement (SPA) for the proposed acquisition of electronic payment and online retail business Mobile Credit Payment (MC Payment). The maximum total consideration has been lowered to S$93.3 million.

Artivision also entered into a settlement agreement with a controlling shareholder, Ching Chiat Kwong. The firm will issue S$10 million worth of new shares to Mr Ching, while he will acquire all company bonds and options from the respective holders.

Sing Investments & Finance

THE board of Sing Investments & Finance on Monday clarified that its substantial shareholders and persons acting in concert as a whole held more than 30 per cent of the voting rights of the company as at March 2, 2018 and March 1, 2019.

However, because they have not increased their voting rights by more than 1 per cent in any six-month period, there is no obligation for the group to make a general offer for the remaining shares in the firm.

The board said the company and its substantial shareholders have "from time to time" received queries on the latter's obligation to make a general offer for the remaining shares in the company under the Singapore Code on Take-overs and Mergers.

Statistics of shareholdings in Sing Investments' 2017 and 2018 annual reports show that the substantial shareholders, FH Lee Holdings (Pte) Limited, Lee Sze Leong, Lee Sze Siong and Lee Sze Hao, collectively held 29.82 per cent and 30.77 per cent of the issued share capital in the company at the beginning of March 2018 and March 2019.

Mapletree Logistics Trust

MAPLETREE Logistics Trust has entered into a conditional forward purchase agreement to acquire a warehouse in Australia for A$18.4 million (S$17.4 million). The property is a one-storey logistics facility to be constructed in Truganina, Melbourne. It is sited on freehold land of 25,650 square metres and will have a net lettable area of 15,100 sq m when completed.

OUE Commercial Reit

THE board and management of OUE Commercial Real Estate Investment Trust (C-Reit)'s manager has undergone a number of changes following the merger of OUE C-Reit and OUE Hospitality Trust. Lim Boh Soon has relinquished his position as independent non-executive director, while Jonathan Miles Foxall has relinquished his position as non-independent non-executive director.

Lee Yi Shyan has been appointed as a non-independent non-executive director and as the new chairman of the board, replacing Christopher James Williams, who will be deputy chairman. Ong Kian Min and Liu Chee Ming have been appointed independent non-executive directors. Lionel Chua has been appointed as chief financial officer, while Natalie Wong Chin Ping has been redesignated as head of treasury and corporate finance.

ST Engineering

ST ENGINEERING'S US subsidiary iDirect Government has acquired Glowlink Communications Technology for US$20 million. Glowlink provides solutions that mitigate satellite interferences and improve the quality of satellite communications.