Company Briefs: Samsung BioLogics

Samsung BioLogics

Samsung BioLogics yesterday said its head office has been raided by South Korean prosecutors as part of a criminal probe into alleged accounting fraud.

The Financial Services Commission last month filed a complaint against the biotech arm of conglomerate Samsung Group, saying it intentionally breached accounting rules ahead of its 2016 listing.

Samsung BioLogics denied wrongdoing and filed an administrative lawsuit against the regulator. Prosecutors also raided Samsung BioLogics'auditing firms Samjong KPMG and Deloitte Anjin, Yonhap news agency reported.

KKR & Co

KKR & Co is buying a stake of as much as $45 million in Barghest Building Performance (BBP), a Singapore provider of energy-saving solutions, in the private equity firm's first impact investment globally.

The investment is part of a Series B fund-raising for BBP, which helps companies in Asia reduce electricity consumption by digitising air-conditioning systems. BBP plans to use the funds to grow its business in the region, invest in new technology and hire more staff, said BBP chief executive officer Poyan Rajamand.

Global private equity firms, including KKR, TPG and Bain Capital, have been pushing into impact investing, the idea of seeking both financial return and social benefit.

BBP, which counts chipmaker Micron Technology and hotelier Shangri-La Asia as clients, can help cut a building's energy consumption by as much as 40 per cent, Mr Rajamand said. The six-year-old company uses sensors, software algorithms, equipment controls and engineering design to try to cut electricity consumption in air-con systems.

Silkroad Nickel

A subsidiary of Indonesian nickel mining group Silkroad Nickel has signed a new off-take agreement worth over $400 million to supply 15 million tonnes of nickel ore over five to eight years to Transon Bumindo Resources.

Under the contract, the group has to deliver at least 1.5 million tonnes of nickel ore annually to Transon Bumindo from March 2020.

Transon Bumindo is part of the Qingdao Hengshun Zhongsheng Group, a Shenzhen-listed company that is majority owned by the Qingdao state government which invests in Indonesian industrial parks, mining and energy, with a focus on electricity.

A version of this article appeared in the print edition of The Straits Times on December 14, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe