Company Briefs: Keppel Offshore & Marine

Keppel Offshore & Marine

Keppel Offshore & Marine's wholly-owned subsidiary Keppel Shipyard is on track to deliver one of the world's largest floating production storage and offloading (FPSO) vessels to Bumi Armada for operations in offshore Angola, the company said yesterday.

Keppel Shipyard converted a very large crude carrier tanker to the FPSO.

Keppel O&M managing director of marine and technology Michael Chia said the firm also recently delivered a liquefied natural gas floating storage unit and a North Sea-worthy FPSO to Bumi Armada.

"Keppel is proud to be able to support Bumi with our conversion solutions that are cost-effective, robust and reliable," he said.

EpiCentre Holdings

Catalist-listed EpiCentre Holdings, which resells Apple products, has changed a placement agreement. For a proposed placement of up to 45.8 million new shares, the issue price for each share is 1.18 cents.

The firm said this is a discount of about 9.23 per cent to the weighted average price of the shares - 1.3 cents each - for trades done on July 20, when the placement deal was signed.

Assuming the placement shares are all taken up, the firm could raise net proceeds - after deducting estimated expenses of $100,000 - of about $5.3 million.

Of that, 50 per cent will support business development and provide liquidity for expansion through acquisitions, joint ventures and collaborations, while the other 50 per cent will be used as general working capital.

Olam International

Singapore-listed commodity trader Olam International said yesterday it has acquired 100 per cent of East African coffee specialist Schluter at an enterprise value of US$7.5 million (S$10.4 million).

The Switzerland-based independent coffee company was established in 1858, and specialises in trading East African speciality and premium Arabica coffees.

It runs farmer-support programmes funded by European development agencies involving six nurseries and 1,800 farmers who are certified suppliers of organic coffee.

The acquisition is funded by a combination of internal accruals and existing debt facilities, said the company. Schluter will become the speciality arm of Olam Coffee in Europe.

A version of this article appeared in the print edition of The Straits Times on October 25, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe