Company Briefs: Singapore Technologies Engineering

Singapore Technologies Engineering

Singapore Technologies Engineering announced yesterday that its aerospace arm ST Aerospace secured new contracts worth $920 million in the second quarter.

The contracts include projects ranging from airframe, component and engine maintenance, to engine wash and pilot training.

ST Aerospace secured several Boeing 737NG landing gear overhaul and exchange contracts for airline operators in Asia and Oceania.

A three-year contract has also been signed with Tigerair Singapore to provide simulator training services.

Nera Telecommunications

Satellite telecommunication firm Nera Telecommunications announced that its unit has received a contract of about $10.6 million.

Its unit will supply and deliver card payment terminals and software for a financial institution in South-east Asia.

The firm said: "The contract is not expected to have a significant impact on the performance of the company and its subsidiaries for the current financial year ending Dec 31."

Oxley Holdings

Niche developer Oxley Holdings said that its unit Oxley Deanston has entered into an agreement to buy a property in London.

Oxley Deanston will buy eight units at Deanston Wharf in Canning Town, London at £35 million (about S$73 million), from Iron Mountain (UK) Services.

It said that the property has a 999- year leasehold starting from June 1987, with a total land area of 22,830 sq m.

The firm intends to turn the site into a residential development with private and affordable apartments.

Oxley Deanston has paid a deposit of £3.5 million, and the remainder will be paid when the acquisition is completed. That is scheduled to be in December 2017.

The acquisition will be funded by internal resources and bank loans, said the firm. The purchase price of £35 million is about 5.8 per cent of the company's market capitalisation of $1.268 billion, as on Wednesday.

A version of this article appeared in the print edition of The Straits Times on July 10, 2015, with the headline 'CompanyBriefs'. Print Edition | Subscribe