Company Briefs : Boardroom

Boardroom

GK Goh Holdings unit Salacca has extended the deadline for Boardroom's shareholders to accept its offer for all shares in the mainboard-listed corporate secretarial services firm to July 26, CIMB Bank Singapore announced on behalf of Salacca yesterday.

Salacca had received valid acceptances for about 8.73 per cent of the shares as at 5pm on Thursday. Boardroom shares owned, controlled or agreed to be acquired by Salacca and its concert parties are now at 89.86 per cent.

For a company to remain listed on the Singapore Exchange (SGX), at least 10 per cent of its shares must be held by the public.

Boardroom shares fell below the free float threshold on Saturday last week. The company said yesterday that SGX has accepted its application to delist.

SGX also granted Boardroom a waiver from Rule 1307 of the listing manual. The rule states that a general meeting to obtain shareholder approval for the delisting must be convened and that at least 75 per cent of shareholders must approve the delisting.

Malaysia's Symphony House, which owns 7.63 per cent of Boardroom shares, had already agreed to vote in favour of the delisting. Together with Salacca and its concert parties, it would have secured 97.48 per cent of the vote.

GK Goh has offered 88 cents in cash for each Boardroom share, in a deal that values the company at $184.5 million.


AusGroup

AusGroup's subsidiary AGC Industries has secured a A$30 million (S$28.5 million) construction contract with Yara Pilbara Nitrates in the state of Western Australia.

The contract covers deconstruction and construction work of dryers, heat exchangers and an absorption tower for a technical ammonium nitrate plant.

As the primary contractor, AGC will provide services including welding, boiler-making, scaffolding, rigging, cranage, insulation and fabrication.

The construction and marine services provider, currently on the SGX watch list, secured contracts last month for construction and maintenance work worth more than A$25 million in total.

It also secured additional work as part of its Master Services Contract with Chevron Australia. AGC will provide multidisciplinary services - including on-site structural, mechanical and piping, electrical and instrumentation, and painting and insulation - on the Chevron-operated Gorgon Project.

A version of this article appeared in the print edition of The Straits Times on July 13, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe