Company Briefs: Sembcorp Industries

Sembcorp Industries

Sembcorp Industries yesterday announced its Chongqing power plant has commenced full commercial operation following the completion of its second 660MW unit.

The first unit was completed in November.

The group said the 1,320MW coal-fired power plant in Anwen, Qijiang district, has begun supplying power to meet rising demand in Chongqing and support the development and growth of its economy.

The 4.67 billion yuan (S$964 million) power plant was developed by ChongQing SongZao Sembcorp Electric Power - a joint venture between Sembcorp's wholly-owned unit Sembcorp (China) Holding Co and Chongqing Energy Investment Group's subsidiary, Chongqing Songzao Coal and Power.

It is the first power project in Chongqing by a joint venture between a Singapore-based company and a China-based company.

Boustead Group

A wholly-owned unit of Boustead Projects, Boustead Trustees, as trustee of Boustead Real Estate Fund, has entered into a surrender agreement with AusGroup Singapore over the land and buildings at 36 Tuas Road.

The two parties have agreed to "an amicable surrender" of the premises - the lease has yet to expire - with effect from Jan 31, said Boustead yesterday. AusGroup will pay a lump sum of $9.4 million, along with other payments.

In a separate announcement yesterday, AusGroup said the move is in line with its ongoing plans to wind down operations in Singapore. It added: "The settlement reached with Boustead removes a long-term liability, thus allowing the company to strengthen its focus further on promoting growth in the maintenance sector of the oil and gas market."

Fragrance Group

A newly incorporated unit of Fragrance Group, Fragrance UK-Blackpool, has entered into a contract to acquire The Imperial Hotel, Blackpool in Britain for £12.8 million (S$22.8 million).

The four-star hotel, which was built in 1867 and sits on freehold land, is a Blackpool landmark. It has 180 rooms.

The group noted that the transaction is expected to contribute positively to results for the current financial year ending Dec 31.

It has also incorporated two other subsidiaries: Fragrance UK Investment and Fragrance UK Hotel Management.

A version of this article appeared in the print edition of The Straits Times on January 26, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe