Transport operator SMRT announced that its unit, SMRT Services, entered a joint venture shareholders' agreement with Cyclect Electrical Engineering yesterday.
Cyclect provides electrical, mechanical and automation solutions for several areas such as building, infrastructure, and marine and offshore segments.
They will set up a joint venture firm called SMRT-Cyclect Power, which will focus on providing electrical systems for land transport, including those for rail systems, or infrastructure for electric power systems or networks for electric cars and buses.
SMRT-Cyclect Power's core business will be in Asean, Australia, New Zealand, and potentially Africa, China and India.
The construction firm posted a 35.7 per cent drop in net profit to $1.7 million for the 12 months to July 31.
Revenue rose 28.3 per cent to $126.2 million, on the back of contribution from property development projects such as Charlton 18. The rise was partly offset by a fall in contribution from construction projects.
Yearly earnings per share was 0.65 cent, down from 1.01 cent previously.
Net asset value was 16.35 cents as at July 31, down from 16.14 cents as at July 31 last year.
Soilbuild Business Space Reit
Soilbuild Business Space Reit's preferential offering of one unit for every 10 held has been fully taken up.
The offering of up to 94.35 million new units raised gross proceeds of some $59.4 million.
At the close of the offer on Monday, valid acceptances and applications for excess new units received amounted to a total of about 164.6 million new units, representing some 174.4 per cent of the total number of new units available under the preferential offering.