Company Briefs: Keppel Offshore and Marine

Keppel Offshore and Marine's unit in Azerbaijian is on track to deliver a drilling rig to a unit of the State Oil Company of Azerbaijan Republic.
Keppel Offshore and Marine's unit in Azerbaijian is on track to deliver a drilling rig to a unit of the State Oil Company of Azerbaijan Republic.PHOTO: KEPPEL CORPORATION LIMITED

Keppel Offshore and Marine

A unit of Keppel Offshore and Marine in Azerbaijian is on track to deliver a semi-submersible drilling rig to a unit of the State Oil Company of Azerbaijan Republic.

The rig was named Heydar Aliyev yesterday at a ceremony by Azerbaijan President Ilham Aliyev.

The rig has been customised for the Caspian Sea's harsh environmental conditions and is the first modern semi-submersible to be almost completely built in the country.


Imperium Crown

Catalist-listed real estate developer Imperium Crown is proposing to increase its stake in Global Entertainment Media (GEM).

It will pay $53.5 million for the 60 per cent stake in the company.

The development follows its announcement in March, when it had agreed to acquire 27 per cent of GEM for $20 million.

However, following subsequent negotiations, it decided to increase its stake.

Through its subsidiary, GEM holds 50-year operating rights to Wonder Stone Park, a prominent tourist destination in Shandong. It also owns a hotel within the park, which is famous for its naturally occurring limestone boulders.

Imperial Crown intends to finance its purchase through a combination of the company's internal funds, as well as capital fundraising and/or bank financing.


Meghmani Organics

India-based Meghmani Organics announced that it has added an additional agenda item to its board meeting to be held on Monday.

It wants to consider a delisting proposal relating to Singapore depository receipts listed on the mainboard of the Singapore Exchange.

The other items on the agenda are the approval of its financial results for the fourth quarter and financial year to March 31, as well as to recommend dividend.

A version of this article appeared in the print edition of The Straits Times on May 19, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe