Company Briefs: Singapore Technologies Engineering

Singapore Technologies Engineering

Jiangsu Huatong Kinetics, a joint venture between ST Engineering and China's state- owned enterprise Jiangsu Huatong Machinery, ceased production yesterday to reduce its operating losses.

ST Kinetics, the land systems arm of ST Engineering, owns 75.3 per cent of the road construction equipment company, while Jiangsu Huatong Machinery owns the remaining 24.7 per cent.

ST Kinetics said it will record a one-off charge of about $61 million for the third quarter ended Sept 30, consisting of an impairment of ST Kinetics' net carrying value and costs such as staff compensation.

ST Engineering said it will give more details in its third-quarter results on Nov 10.

Blumont Group

Mainboard-listed Blumont Group said yesterday that defamation proceedings against The Edge Publishing and The Edge Communications have been discontinued following a settlement.

It added that terms of the settlement agreement are confidential.

Blumont had launched defamation proceedings in September and October 2014 in relation to an article, "Hunting for the truth", which was published by both The Edge Singapore and The Edge Malaysia. The article had made a series of claims related to the penny stock crash of three counters in October 2014.

Global Logistic Properties

Logistics services provider GLP has signed 218,000 sq m of new leases in China, the United States and Japan off the back of rising e-commerce demand.

In China, it signed 153,000 sq m of new leases with four third-party logistics service providers serving a major e-commerce platform.

The company also signed 55,000 sq m of new and renewal leases with a leading e-commerce company in the US, while it signed a new lease with a software company for online sales in Japan.

GLP added that it has developed a warehouse location optimisation tool in China and Brazil. Optimising warehouse locations and delivery routes can save clients about 20 per cent in transport costs, it said.

A version of this article appeared in the print edition of The Straits Times on October 19, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe