Keppel Corp said that the Singapore Exchange yesterday issued its eligibility-to-list letter for the proposed initial public offering and mainboard listing of Keppel-KBS US Reit.
The Reit will be a US commercial real estate investment trust jointly sponsored by Keppel Capital Holdings, a wholly owned subsidiary of Keppel Corp, and KBS Pacific Advisors. Keppel Capital has agreed to acquire from KBS Pacific Advisors a 50 per cent interest in Keppel-KBS US Reit Management for an aggregate consideration of US$27.5 million (S$37.6 million). Keppel-KBS US Reit Management is the proposed manager of Keppel-KBS US Reit.
SIA Engineering Company
SIA Engineering and Air India Engineering Services, a unit of Air India, have entered into a non-binding memorandum of understanding to offer maintenance, repair and overhaul (MRO) services in India. They will provide line maintenance and ancillary services at various airports as well as engineering training to domestic and foreign airlines.
The collaboration will draw upon Air India Engineering Services's infrastructure and resources within India, and its local knowledge and expertise, as well as SIA Engineering's MRO service offerings.
SBI Offshore said it would reconvene the Extraordinary General Meeting (EGM) which was adjourned on Sept 16 last year. At that EGM, shareholders were to vote on the removal of Mr Chan Lai Thong as a company director, and the appointment of four others, including Mr Jonathan Hui Choon Ho and Mr Lau Yoke Mun. On Thursday, shareholder Tan Woo Thian also requisitioned an EGM to vote on his appointment as a director.
SBI Offshore said it would update shareholders on the details for the EGM in due course. It said it had also reviewed and sought further legal advice on the final report submitted by UniLegal on Sept 29 relating to issues on certain transactions and Mr Lau.
Given that there had been no direct financial loss so far for the group, the board had decided that the company would not take action for now against Mr Tan or Mr Hui, it said. It added that the report had indicated that there was evidence that Mr Lau had breached several of his obligations and reporting duties, which should be taken into account in considering his suitability as a director of the company.