Company Briefs: Keppel Corp

Keppel Corp

Keppel Offshore & Marine (Keppel O&M) through its wholly owned subsidiary, Keppel Singmarine, has secured a contract with Mitsui & Co (Asia Pacific) to build Singapore's first dual-fuel bunker tanker.

The vessel will be owned and operated by Sinanju Tankers Holdings, under a finance agreement with Mitsui .

It is scheduled for delivery in the second half of next year, said Keppel O&M, a unit of Keppel Corp.

Sinanju and Mitsui have an option to order a second similar tanker, to be exercised within six months from the effective date of the first contract.

Sinanju will receive co-funding of up to $2 million to build the vessel as one of the recipients of the Maritime and Port Authority of Singapore LNG bunkering pilot programme.

The 7,990 DWT dual-fuel bunker tanker will be the first LNG-fuelled bunkering vessel for Singapore and for Sinanju.

Yanlord Land Group

Property firm Yanlord Land Group has bought stakes in two property development firms that have secured development rights to two separate land parcels in Tianjin, China.

Yanlord said it has acquired a 19.8 per cent stake in Tianjin Hefa Property Development Co, which in turn has the development rights to a land parcel worth 4.8 billion yuan (S$998 million).

Yanlord also acquired a 16.5 per cent stake in Tianjin Lianzhan Property Development Co, which in turn has the development rights to a land parcel worth 2.95 billion yuan.

Both land parcels are slated for mixed development.

Trek 2000

Security solutions firm Trek 2000 International said it has adopted adjustments and reclassifications proposed by its external auditor and has written off, under research and development expenses, US$950,000 (S$1.25 million) in intangible assets deemed to have no further commercial value.

The company had initially reported research and development costs of US$3.06 million for its 2017 financial year, but these were revised to US$2.11 million.

With the write-off, the group's audited net profit for FY2017 is lower at US$5.2 million, compared with the initially reported US$6.2 million.

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