Company Briefs: Frasers Centrepoint

Frasers Centrepoint

Frasers Centrepoint Limited (FCL) is planning to raise $300 million from a bond issue.

The bonds will carry a fixed interest rate of 4.38 per cent per annum and will be issued by its wholly owned subsidiary, FCL Treasury.

The bonds - in denominations of $250,000 - are expected to be issued next Wednesday.

Net proceeds will be used for "corporate funding requirements of the company and its subsidiaries", FCL said.

As these are perpetual securities, there is no fixed final redemption date. The step-up date stands at Jan 17, 2028, with a step-up margin of 1 percentage point per annum.

Olam International

Olam International chief executive officer Sunny Verghese has been appointed chair of the World Business Council for Sustainable Development.

Mr Verghese is the first Asia-based CEO to be elected to this position, and the first chair from the agri-sector, the council said.

His appointment is effective as of the start of this year, and is for a two-year term. He succeeds Unilever chief executive Paul Polman as chair.

Asia Mobility Industries

Singapore-based Asia Mobility Industries has teamed up with Chinese technology giant Baidu to launch a US$200 million (S$266 million) fund focused on investing in autonomous driving and intelligent transportation technologies.

The fund is part of a joint venture between the Singapore firm, which specialises in smart mobility and artificial intelligence technologies, and Baidu.

Called Apollo South-east Asia, the joint venture aims to establish a foothold for Baidu to commercialise its autonomous driving platform in the region.

The tie-up was announced on Monday at the Consumer Electronics Show 2018 in Las Vegas.

Singapore will be the maiden overseas destination for Apollo, Baidu's open-source platform for developing new self-driving car technologies.

The new fund "aims to upgrade existing transportation infrastructure and further smart mobility research and development regionally", the companies said in a statement.

A version of this article appeared in the print edition of The Straits Times on January 10, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe