Corporate digest

Keppel Corporation

BASED on Floatel International's financial results for Q4 2020 and Q1 2021, the net financial impact on Keppel Corporation will be around S$187 million, the mainboard-listed conglomerate said on Friday night.

As a result of equity accounting, the carrying value of Keppel's investment in offshore vessel company Floatel will thus almost triple to about S$284 million, from some S$96 million as at Dec 31, 2020.

The carrying value of this investment will be re-assessed for recoverability at the end of each financial reporting period, Keppel said.

Separately, Keppel Land units will jointly develop eight plots of land in the eastern part of Tianjin with subsidiaries of Hong Kong-listed Sino-Ocean Group. The land has a total size of 28.7 hectares.

One of the Sino-Ocean subsidiaries - Tianjin Pulida Real Estate Construction and Development - has agreed to fork out 348 million yuan (S$71.5 million) in cash for a 51 per cent stake in Keppel Land subsidiary Tianjin Fushi Real Estate Development, which owns the eight plots.

Tuan Sing Holdings

TUAN Sing Holdings' 44.5 per cent-owned associate company Gultech China has agreed to sell 13 per cent of the shares it holds in a printed circuit board (PCB) supplier. The transaction price of 435 million yuan (S$89 million) for the stake implies a valuation of about 3.35 billion yuan for the PCB firm, Gultech (Jiangsu) Electronics (GJE), Tuan Sing said on Sunday.

The mainboard-listed real estate company added that the stake sale, expected to complete by July 31, 2021, will allow the group to monetise part of its "long-standing" investment in GJE. Tuan Sing also noted that the two buyers of the GJE shares - China-based private equity groups Yonghua Capital and Wens Capital - have proven track records in the pre-initial public offering space.

The deal comes as GJE is undergoing a strategic review of its business, including the possibility of a potential listing on a stock exchange in China.

Raffles Education Corp

SINGAPOREAN tycoon Oei Hong Leong has increased his stake in Raffles Education Corp, a private-school operator he has been in various disputes with since 2017.

Mr Oei, the second biggest shareholder of the education provider, bought about 6.4 million shares to boost his holdings to 14 per cent of company's voting shares, according to a bourse filing on Saturday. He held a 13.5 per cent stake before the purchase.

Raffles Education's shares rallied as much as 31 per cent on Friday, prompting the Singapore Exchange to send a query regarding the trading activity. The company replied on the same day that it was not aware of any previously undisclosed information that might have caused the trading activity.

The stock closed 3.6 Singapore cents or 22 per cent higher at 20 cents, its highest since April 2018.

OUE Lippo Healthcare

CATALIST-LISTED OUE Lippo Healthcare (OUELH) has received about S$249,000 in costs and disbursements from its legal proceedings involving funds owned by Crest Capital Asia and OUELH's former executive director Lim Beng Choo.

In a bourse filing on Friday night, it also provided updates on other legal proceedings.