Company Briefs: HG Metal Manufacturing

HG Metal Manufacturing

Steel distributor HG Metal Manufacturing is selling its 23 per cent stake in mainboard-listed steel mesh maker BRC Asia to Esteel Enterprise for $39 million.

Esteel Enterprise made a mandatory conditional cash offer for BRC Asia shares last Friday.

HG Metal said in an exchange filing on Saturday: "The company has reviewed its investment strategy in BRC Asia and considers it an opportune time to realise its investment in BRC Asia and apply the proceeds to other business and investment opportunities which are more likely to enhance shareholder value."

The move comes after activist fund Quarz Capital Management - a minority shareholder of HG Metal - earlier urged the firm to consider selling its stake in BRC Asia.

Although HG Metal is BRC Asia's second-largest shareholder, its stake "currently provides no tangible value and/or contribution to HG's operations", Quarz wrote in an open letter to the HG Metal board in May.

ASL Marine Holdings

A fire that killed five and injured one struck ASL Marine Holdings' shipyard in Batam, Indonesia, last Thursday.

The vessel owner-operator and shipbuilder said in an exchange filing on Saturday that initial investigations showed the incident occurred on board a tanker that was being repaired at one of its dry docks. The fire likely started inside and was confined to the pump room, the company added in its statement.

Those killed and injured were employees of the company's subcontractor.

Initial investigations suggest that there was no explosion.

"We are saddened by this incident and the loss of lives, and we extend our deepest condolences to the families of the victims," ASL Marine said in its statement.

The company will be working with its subcontractor to render assistance to the affected workers and their families.

It is also cooperating with the authorities in Indonesia to establish the cause of the fire.

Investigations are ongoing and work on the vessel has been suspended.

A version of this article appeared in the print edition of The Straits Times on September 11, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe