Corporate Digest

Oxley Holdings

OXLEY on Wednesday (Oct 20) said it has provided a loan of A$15.6 million (S$15.7 million) to its troubled wholly-owned Australian subsidiary Pindan Group, which is under voluntary administration together with some of its subsidiaries.

The loan allowed Pindan Group to fully repay a secured loan to an Australian lender on Oct 18.

The properties previously mortgaged to the Australian lender will be mortgaged to Oxley. The last valuation of the properties is approximately equivalent to the value of the loan granted to Pindan Group.

Oxley said that the loan will be repaid by Pindan using the proceeds from the divestment of the mortgaged properties, which is expected to be completed within six months from the loan disbursement date.

Shares of Oxley ended trading flat at S$0.205 on Wednesday (Oct 20).

Hong Leong Asia

HONG Leong Asia's subsidiary China Yuchai has, through its subsidiary, agreed to form a joint venture in Beijing to research, develop and manufacture fuel cell powertrain systems for on- and off-road applications.

China Yuchai manufactures, assembles and sells a variety of light, medium and heavy duty engines for trucks, buses, passenger vehicles, construction equipment, and marine and agriculture applications in China.

The joint venture partner for the hydrogen energy project is Beijing Xing Shun Da. The 2 parties have agreed to cooperate to develop the technology for the Beijing, Tianjin and Hebei markets.

They also plan to combine their resources and capabilities to develop core fuel cell power system components.

Shares of Hong Leong Asia closed at S$0.835 on Wednesday (Oct 20), up S$0.005 or 0.6 per cent.

BH Global

BH Global's subsidiary, Sea Forrest Power Solutions (SFP), has clinched a contract for its first "full electric ready" propulsion system for the hybridisation of a bunker tanker belonging to strategic partner Victory Petroleum Trading (VPT).

The bunker tanker will be installed with a plug-in system to improve energy efficiency. SFP's technology will allow a hybrid system to transform to a full electric system when Singapore's coastal charging infrastructure is ready, and when the energy storage system's energy density and costs meet certain requirements of the harbour crafts, said BH Global.

Shares in BH Global last traded at S$0.34 on Oct 6.