Company Briefs: Singapore Myanmar Investco

Singapore Myanmar Investco

Singapore Myanmar Investco, a firm with retail, auto services and logistics businesses in Myanmar, said yesterday it has been told of a firm's intent to complain to the State Courts of Singapore about possible breaches.

The complaint is about alleged disregard of rights of the firm known as GIG under a joint venture agreement and "failures to make timely disclosure of the allegations" by GIG.

It is related to Singapore Myanmar Investco selling its stake in Myanmar Infrastructure Group to Shining Star International Holdings.

GIG alleged that the firm "has not made accurate disclosure" about the sale price.

Singapore Myanmar Investco "intends to vigorously refute the complaint if GIG were to proceed with lodging the complaint".

Singapore Technologies Engineering

Singapore Technologies Engineering's electronics arm has entered an agreement to buy 51 per cent of SP Telecommunications from Singapore Power.

Singapore Power will keep 49 per cent of the telecoms unit, which operates communication and infrastructure services in Singapore.

The deal, which is yet to be finalised, is for an estimated $54 million, subject to a maximum of $60 million.

It is expected to be completed by the second quarter of this year and will be funded internally.

Sembcorp Industries

Sembcorp Industries announced a new agreement with Myanmar's Ministry of Electricity and Energy for its upcoming 225MW Sembcorp Myingyan gas-fired power plant in Mandalay.

Under the agreement, Sembcorp Myingyan Power Company will build and operate the power plant for 22 years. It will then be transferred to the Myanmar government.

The project, which will become one of Myanmar's largest gas-fired power plants, will cost about US$300 million (S$426.8 million) to develop.

A version of this article appeared in the print edition of The Straits Times on January 19, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe