Noble Group yesterday said it has agreed to dispose a marketing and offtake agreement for petrochemical products between a national petrochemicals company and itself, as well as certain loan-related contracts, to Tricon Energy for about US$10.1 million (S$13.3 million). The loss on the proposed disposal amounts to about US$6.8 million based on the book value of the assets as of end-September last year of about US$16.9 million.
Explaining the disposal, Noble said that following the conclusion of the monetisation of Noble's Global Oil Liquids and North American Gas and Power businesses, the group is focusing on its hard commodities, freight and LNG businesses instead to "solidify" its position as an industrial and energy products supply chain manager in the Asia-Pacific region.
"The assets are no longer considered to be part of Noble Group's core businesses. Noble Group's ongoing Asian Oil Products business continues to service clients in South and South-east Asia, including Indonesia, the Philippines and Cambodia, amongst others, with gasoil, gasoline, jet fuel and other products," it said.
MindChamps PreSchool Limited yesterday announced it has used part of the proceeds from its initial public offering (IPO) to purchase MindChamps PreSchool @ Woodlands for $1.31 million.
The company's wholly owned subsidiary, MindChamps PreSchool Franchise, entered into a share purchase agreement with Ting Keng Soon and Theresa Khiu Si Min to purchase all the shares in MindChamps PreSchool @ Woodlands. The purchase price will be wholly satisfied in cash from the company's IPO proceeds, said the company.
As of Dec 31 last year, the book value of MindChamps PreSchool @ Woodlands was $285,109 and its net tangible asset value was $273,518.
Singapore Technologies Engineering yesterday announced the appointment of Mr Russell Tham as president of new enterprises and ventures, effective from March 19.
In this newly created position, Mr Tham will drive the expansion of the group's business by building new growth areas through technology and innovation in verticals outside of the group's core businesses, ST Engineering said.
Mr Tham will report to group president and chief executive officer Vincent Chong.