Company Briefs: Sembcorp Industries

Sembcorp Industries

A subsidiary of Sembcorp Industries has agreed to sell its stake in Omani utilities developer Centralised Utilities Company to Oman Oil's Facilities Development Company for 984,740 Omani rial (S$3.38 million).

With the sale, Sembcorp Utilities (Oman) will also end its joint venture with Takamul Investment Company.

Legal completion of the sale and transfer is expected to take place within 30 days.

Memories Group

Tourism company Memories Group said it has inked a deal to buy a luxury yachting business in Myanmar, its first acquisition since its Catalist debut in January.

The Myanmar-based Memories Group will pay 1.3 billion kyat (S$1.3 million) for Burma Boating, under a sales and purchase agreement with Tint Tint Travel and Tours Company and Freepier.

It said the move is earnings accretive and part of an expansion plan that will see the group grow its footprint in Myanmar's tourism market.

The four-year-old Burma Boating, which operates in southern Myanmar's Mergui Archipelago, chalked up revenue of US$1 million (S$1.3 million) last year, according to Memories Group's announcement.

The deal will see Memories Group take ownership of the target's brand, contracts and bookings, and assets. Burma Boating owns a 25.9m, four-cabin yacht, Meta IV, and partners other owners for six sailing yachts and one motor yacht. The company has secured pre-bookings up to end-May 2019.

EMS Energy

The board of EMS Energy said the High Court has directed that a further creditors' meeting to consider the scheme of arrangement will be convened by April 16.

At least two weeks before that, an addendum to the explanatory statement dated Sept 14, 2017 will be issued to creditors setting out the basis of its subsidiary EMS Energy Solutions' (EES) entitlement.

EES is an unsecured creditor of a related company, Koastal Industries, to the net sum of about $19.4 million. The addendum will also include what the amount of distribution under the scheme is estimated to be and the basis for such estimation.

In the event that the meeting votes in favour of the scheme by the requisite majority, EES has been directed to report back to the court by May 7, and a further case management conference will be fixed for the week of May 14.

The existing moratorium on creditor claims against EES has been extended to May 21.

A version of this article appeared in the print edition of The Straits Times on March 06, 2018, with the headline 'CompanyBriefs'. Subscribe