Company Briefs: Sembcorp Industries

Sembcorp Industries

Conglomerate Sembcorp Industries has signed a long-term power purchase agreement with Myanma Electric Power Enterprise for the supply of 225MW of power.

The agreement will last 22 years.

Tiger Airways

Tigerair will sell two Airbus A-320 aircraft to Stellar Aircraft Holding 1, in line with the company's turnaround strategy.

The carrying value of the two aircraft has been written down to $71 million.

Upon completion of the sale, Tigerair will record an $8 million loss on disposal.

Proceeds from the sale will be used to fund the debt related to the financing of these aircraft. The sale is expected to be completed in the second quarter of this year.

Global Yellow Pages

Auckland Council and GYP Properties have been unable to reach agreement on terms for a joint venture for the redevelopment of Pakuranga Town Centre, an eastern suburb of the New Zealand city.

Both parties are major landowners in the area. Negotiations followed a non-binding memorandum of understanding signed last August.

Auckland Council spokesman John Dunshea, general manager of the Development Programme Office, said the council's focus has been on delivering the best outcome for the local community and the wider region.

Mr Mah Bow Tan, the chairman of Global Yellow Pages, the parent company of GYP Properties, said the company will go forward with a revised development plan that will be built exclusively on GYP Properties-owned land. It also remains committed to the redevelopment of Pakuranga Plaza shopping mall, a freehold property which it owns.

Ascendas Hospitality Trust

Ascendas Hospitality Trust's Hotel Sunroute Osaka Namba will reopen on April 1 after a 1.1 billion yen (S$13.2 million) makeover.

The 14-storey hotel is an economy business hotel with 698 guest rooms and two restaurants, and is one of two hotels owned by the trust in Japan.

A version of this article appeared in the print edition of The Straits Times on March 31, 2016, with the headline 'Company Briefs: Sembcorp Industries'. Print Edition | Subscribe