Company Briefs:GuocoLand


GuocoLand's wholly owned subsidiary, GuocoLand (China), has agreed to sell all the equity, contractual and loan interests relating to an integrated mixed-use project in Beijing.

The buyer is China Cinda Asset Management, which is paying 10.5 billion yuan (S$2.3 billion).

Cinda will pay 4.56 billion yuan for the project rights and take on 5.94 billion yuan in liabilities.

The project in the city's Dong Cheng district has a useable area of 91,287.7 sq m for office, commercial, apartment and underground parking lot purposes, GuocoLand said.

The transaction is expected to generate a net gain of about 1.58 billion yuan. Net proceeds will be used for general working capital, including debt repayments.

Hiap Seng Engineering

A joint venture company of Hiap Seng Engineering has won a US$57 million ($80 million) contract to design and build tanks for the Refinery and Petrochemical Integrated Development project in Malaysia.

PTTE Hiap Seng JV has started the work, which should be completed by July 2017.

Hiap Seng expects a positive contribution to its earnings from the contract, but no material impact on the net tangible assets or earnings per share for this financial year.


Singapore-based online retailer RedMart has raised US$26.7 million (S$37.5 million) in funding from investors, including Garena, Facebook co-founder Eduardo Saverin and SoftBank Ventures Korea.

It has also named Mr Colin Bryar, previously a vice-president at Amazon, as chief operating officer of RedMart.

Mr Bryar had held several retail and technology leadership roles in Amazon, and served for two years as technical adviser to Amazon founder Jeff Bezos.

"RedMart's mission to save you time and money for the important things in life has resonated with customers. The business is rapidly growing across all areas," said Mr Bryar.

"I look forward to being part of the team that relentlessly focuses on delivering an ever increasing range of products to your doorstep at a great price."

RedMart, which was launched in October 2011, will raise more funds later this year to expand the grocery and marketplace business, launch its On Demand Marketplace and invest in new products, the firm said.

A version of this article appeared in the print edition of The Straits Times on August 21, 2015, with the headline 'Company Briefs:GuocoLand'. Print Edition | Subscribe