Company Briefs: Figtree Holdings

Figtree Holdings

Catalist-listed developer Figtree Holdings, through its unit Figtree Projects, has won a $65 million contract to design and build a warehouse facility in Tuas.

The contract, to design and build a regional logistics hub for Tokyo-listed logistics firm Hankyu Hanshin Holdings, increases Figtree's design-and-build order book to about $142 million. It expects to complete the project at Jalan Buroh in the second quarter of 2017.

When completed, it will be an integrated distribution centre with a gross floor area of more than 500,000 sq ft, comprising nine levels of ramp-up warehousing space, processing areas and offices.

The contract will contribute to the net asset value and earnings per share of the group for its financial year ending Dec 31, Figtree said.

OEL (Holdings)

Catalist-listed OEL (Holdings) has offered to acquire 51 per cent of the issued share capital of Allied Resources, an investment holding company with interests in the oil and gas business, for $18.2 million.

OEL will fund the purchase by paying $11.9 million in cash and $6.3 million of new shares.

The payment for the stake in Allied Resources will be carried out in tranches and upon fulfilment of certain conditions such as the renewal of the joint venture agreement and achievement of oil production targets.

OEL plans to finance the acquisition using a combination of internal funds, bank borrowings and/or fund raising in the capital markets. At its extraordinary general meeting, OEL obtained shareholder approval to diversify into mineral, oil and gas businesses.

Tiong Seng Holdings

The construction arm of Tiong Seng Holdings has been awarded a $277.3 million contract from JTC Corporation to build an industrial park at Tuas Avenue 1, increasing its order book to about $1.5 billion, extending to 2020.

JTC Space @ Tuas will comprise seven land-based factories, 36 ramp-up and 95 flatted factories across two 10-storey blocks and three nine-storey blocks. It will also build a workers' dormitory and a parking facility.

Building will start on July 15 and is expected to be completed in 2017. The contract is not expected to have any material impact on the net tangible assets and earnings per share of the group for its financial year ending Dec 31, Tiong Seng said.

A version of this article appeared in the print edition of The Straits Times on July 02, 2015, with the headline 'CompanyBriefs'. Print Edition | Subscribe