New Toyo International Holdings
Tien Wah Press Holdings, the Malaysia-listed subsidiary of Singapore-listed New Toyo International Holdings, is seeking shareholder approval to diversify into property development from its core business of printing and trading.
This comes after Tien Wah tied up with construction company Lum Chang Holdings through a joint venture last year to undertake a mixed-use development in Malaysia.
Tien Wah said it is seeking shareholder approval to offer financial assistance of up to RM250 million (S$84.5 million) to this joint venture company, by subscribing to shares or providing guarantees/loan collateral.
The funds will go towards the proposed development - the cost of which will not exceed RM500 million.
Tien Wah also said it intends to continue with its existing core business, save for its 50 per cent stake in the joint venture.
But the joint venture is expected to make up more than a quarter of the company's net assets or contribute more than a quarter of net profits in future - given Tien Wah's intention to provide financial assistance to the joint venture company.
Keppel Corporation and Hong Kong's Titan Petrochemicals Group have terminated a management services agreement for a shipyard in the Chinese province of Fujian.
The termination - which took into account "the current market conditions and operational requirements of the partners" - is with immediate effect, Keppel said yesterday.
The agreement between Titan Quanzhou Shipyard and FELS Offshore - a wholly owned subsidiary, through Keppel Offshore & Marine - was announced in 2014 and took effect in mid-2016.
But "as a result of the downturn in the offshore and marine business", Titan held back on its investment in the shipyard and the Keppel unit has not actually started providing the management services under the agreement.
"Both Keppel and Titan have agreed to explore potential future collaboration as and when market conditions improve," Keppel said.