Company Briefs: SingHaiyi Group

SingHaiyi Group

Mainboard-listed real estate group SingHaiyi has joined forces with Haiyi Holdings to subscribe for about 175.1 million units of stapled securities in Australia-listed Cromwell Property Group.

Acquiring the 9.9 per cent stake involves an outlay of A$169.6 million (S$172.4 million).

Each unit of stapled security comprises one ordinary share in Cromwell Corporation stapled to one unit in Cromwell Diversified Property Trust. The issue price of A$0.9691 per security represents a 4.9 per cent discount to Cromwell's one-month volume weighted average price of A$1.0191 per security.

Of the total subscription, SingHaiyi will subscribe for 61 million units of stapled securities for A$59.1 million, representing a 3.45 per cent stake in Cromwell.

China Everbright Water

China Everbright Water has clinched a contract for a 70 million yuan (S$14.3 million) public-private partnership waste water pipeline project in the Chinese city of Dezhou.

The water-treatment firm said the project is based on a build-operate-transfer model with a 22-year concession period .

When this concession period ends, the company will transfer the project to the local government together with another Everbright Water facility, the Ling County Waste Water Treatment Project Plant I. That second project was acquired on a transfer-operate-transfer basis in 2010 and upgraded at the end of 2013.

Construction work includes development of about 28km of pipeline and two waste-water lift pump stations, Everbright Water said.

Technics Oil and Gas

Technics Oil and Gas has applied to the Singapore Exchange (SGX) and the Accounting and Corporate Regulatory Authority for an extension of time for the release of its financial statements for the year ended Sept 30 and the first quarter ended Dec 31. It also wants more time to convene its annual general meeting.

Technics said through its judicial managers Deloitte & Touche that it is still in the process of extensive restructuring, and it "would be more logical... and less confusing to shareholders", for the accounts to be announced and the AGM held after the company is discharged from judicial management.

In an SGX filing on July 25 on behalf of Technics, Deloitte & Touche said it had been granted High Court approval to extend judicial management of the firm until Jan 16 next year.

A version of this article appeared in the print edition of The Straits Times on December 12, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe