Company Briefs: Roxy-Pacific Holdings

Roxy-Pacific Holdings

Roxy-Pacific Holdings subsidiary RH Eunos has agreed to acquire a freehold residential site at Jalan Eunos for $11 million.

The site has a total land area of about 7,685 sq ft and an existing gross plot ratio of 1.4 under the 2014 Master Plan for residential development.

RH Eunos intends to amalgamate this site with another neighbouring freehold site, which it had acquired in February to build apartments.

The costs of the acquisitions will be financed by internal funds and bank borrowings.


Polaris

Polaris has withdrawn a proposed rights issue of up to three billion new shares. The board said it dropped the idea after much considerations and having made a re-assessment of the company's present capital adequacy.

The company had intended to raise up to $59.8 million when it proposed the rights issue in June last year.


Darco Water Technologies

Mainboard-listed Darco Water Technologies has been awarded contracts in total worth about $19.8 million in China, Malaysia and Singapore, bringing the total value of new contracts recently won to some $52.8 million.

The latest 48.7 million yuan (S$10 million) contract won by the group's newly acquired subsidiary, Wuhan Kaidi Water Services, is for two ultra-supercritical heating generators at Bajiao power plant in the Shandong, China.

Seawater is the main water source for the power plant due to fresh water scarcity. Wuhan Kaidi will adopt reverse osmosis seawater desalination technology to provide fresh water.


MMP Resources

MMP Resources said it has decided to enter into a five-year fixed term lease on a property instead of acquiring the entire issued share capital of Japan-based JRT Trading following a comprehensive due diligence. The deal comes with an option to purchase the leased premises at a pre-determined price of 80 million yen (S$1 million).

The leased premises consists of both office and residential buildings located in a prominent, high-traffic location in Higashiyama, a town in Hokkaido, Japan.

A version of this article appeared in the print edition of The Straits Times on September 15, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe