Company Briefs: Olam International

Olam International

Singapore-listed commodity trader Olam International has secured a revolving credit facility of US$2 billion (S$2.8 billion).

The loan consists of three tranches - a 364-day revolving credit facility of US$400 million, a two-year revolving credit facility of US$800 million, and a three-year revolving credit facility of US$800 million.

It will be used to refinance existing syndicated and bilateral bank loans.

The firm has appointed several banks as the mandated lead arrangers for the loan.

Olam group chief financial officer N. Muthukumar said in a statement: "We are extremely pleased to have concluded this refinancing, which helps to optimise the overall tenor of our debt portfolio."

Lian Beng Group

Construction firm Lian Beng Group reported yesterday that net profit for the first quarter slumped 60.8 per cent to $12.7 million.

Revenue for the three months to Aug 31 dropped 47.8 per cent to $70.8 million, mainly owing to a fall in revenue from the construction and ready-mixed concrete segments.

Gross profit was up 21.7 per cent to $18.5 million from higher profit from the construction division.

Quarterly earnings per share was 2.53 cents, down from 6.35 cents a year earlier, while net asset value per share was 111.94 cents as of Aug 31, up from 109.13 cents as of May 31.

Tee International

Mainboard-listed engineering, property and infrastructure firm Tee International was awarded about $48 million worth of new engineering contracts.

Its Trans Equatorial Engineering unit won a contract from Changi Airport Group to be a nominated sub-contractor to carry out engineering works for a three-runway system at the airport. Including the new contract, Tee's engineering business has four ongoing projects at Changi Airport.

The firm also secured about $15 million worth of overseas engineering contracts.

One is for unit Tee E&C (Malaysia) to be a sub-contractor to develop a housing development for the Selangor State Development Corporation. Tee E&C will build 176 units of two-storey homes, electrical substation works and related infrastructure.

Tee International's total unfulfilled order book stands at $372 million.

A version of this article appeared in the print edition of The Straits Times on October 14, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe