Company Briefs: Pine Capital Group

Pine Capital Group

Financial services firm Pine Capital Group has signed a memorandum of understanding with the Provincial Council of the Eastern Province of Sri Lanka to invest in and develop an extent of land in Eastern Province, Sri Lanka.

Pine Capital said it envisions an integrated hospitality and lifestyle township comprising luxury resorts, hotels, serviced apartments, an international fashion design institute and a convention centre to cater for fashion and lifestyle events.

The total investment sum in the project, called Project Beacon, is conservatively expected to be at least US$3 billion (S$4.1 billion).

QT Vascular

Balloon catheter specialist QT Vascular said on Wednesday evening that it has joined other third-party investors to invest $1.23 million in a Series B funding round for erectile dysfunction medical technology firm Sano V.

The subscription will comprise 293,018 new voting convertible preferred shares designated as "Series B preferred shares" at an issue price of $4.21 a share. QT Vascular's proportion is 83,135 Series B preferred shares, amounting to about $350,000.

Immediately upon completion of the subscription, QT Vascular will have an effective voting interest of 4.1 per cent in Sano V.

QT Vascular was also granted a call option, where it is entitled - at any time within 90 days following notification by Sano V of its completion of a successful six-month follow-up of its first five patients - to require all shareholders of Sano V to sell all their shares to QT Vascular. The purchase price for the call option shares will be satisfied in cash or shares, and will be equivalent to 2.5 times of the most recent valuation of Sano V.

BH Global Corporation

BH Global Corporation said on Wednesday that it has bagged two contracts totalling $7.6 million. The first is for the supply of cables for an FPSO (floating production storage and offloading vessel) project to a repeat customer, and the second is for the supply of LED lighting systems to an overseas customer.

BH Global provides supply chain management, security and manufacturing solutions to marine and offshore industries.

The contract wins are expected to be delivered next year, said BH Global.

The group said it is building on its strength in LED lighting systems to secure more orders. Its new LED factory in Kunshan, China, was completed in the fourth quarter of this year, and will commence production next year.

A version of this article appeared in the print edition of The Straits Times on December 21, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe