Company Briefs : CapitaLand


CapitaLand, through wholly owned subsidiary CapitaLand (Vietnam) Holdings, has entered into a conditional agreement to acquire a prime commercial site in the Central Business District (CBD) of Ho Chi Minh City to develop its first international Grade A office tower in Vietnam.

CapitaLand will hold a 100 per cent stake in the 0.6ha site with a gross floor area of 106,000 sq m.

Located in the heart of Ho Chi Minh City's District 1, the site will be developed into a 240m-tall office tower with retail units at the ground and basement levels.

The development will be directly connected to a planned metro station which will link the CBD to the districts of Binh Thanh, 2 and 9.

Construction is expected to commence in the first quarter of this year and will be completed in 2020, which is about the same time the metro line is expected to begin operation.

Vard Holdings

Vard Holdings has signed a preliminary deal to design and build an expedition cruise vessel for an international cruise company, the identity of which it declined to disclose.

The luxury vessel, which will be about 145m long and 20m wide, can accommodate 220 passengers.

The contract price is expected to be about 1 billion Norwegian kroner (S$168 million).

A firm contract is expected to be hammered out within the first quarter.

Hi-P International

Hi-P International said its subsidiary, Hi-P Electronics, and Yota Devices have settled a legal spat.

Under the terms of the settlement, Yota Devices will pay a total of US$17 million (S$24.1 million) to Hi-P Electronics, comprising an immediate first payment of US$15 million and the balance payment of US$2 million in eight equal quarterly instalments, commencing Sept 30.

Hi-P Electronics and Hi-P (Suzhou) Electronics will continue to sell the existing inventory of Yotaphone 2, and to retain for their own benefit the whole of the proceeds of such sale.

The settlement is expected to have a negative impact of some S$9.4 million on the group's income statement for the fourth quarter ended Dec 31, comprising mainly bad debt written off and doubtful debt provision of S$8.1 million and inventory provision of S$1.3 million.

A version of this article appeared in the print edition of The Straits Times on January 18, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe