Company briefs: Soilbuild Construction Group

Soilbuild Construction Group

A wholly-owned unit of Soilbuild Construction Group has clinched a US$10.5 million (S$14.5 million) contract for a 12-storey hotel project in Myanmar.

The project, to be built in Bahan Township, Yangon, is expected to commence in the third quarter of this year and be completed within 18 months. It will be carried out by Soilbuild Construction (Myanmar) Company.

The contract raised Soilbuild's order book to $508.1 million as at the end of March.

Soilbuild shares closed flat at 21.5 cents yesterday, before the announcement was made.

Singapore Exchange

The Singapore Exchange (SGX) is inviting public comment on its proposed changes to the Sicom rubber derivatives to further strengthen the global benchmark for physical rubber.

Sicom rubber contracts are trading and risk-management tools used extensively by tyre makers to price their purchases of raw material from South-east Asia to West Africa.

SGX's recommendations seek to clarify operational aspects of the physical-delivery process, which include improving free-on-board delivery terms and providing the exchange with the flexibility to prescribe additional loading ports.

The public consultation will close on June 26.

Subject to regulatory approval, the specifications of these contracts may be amended in the third quarter of this year:

•SGX SicomTechnically Specified Rubber 20 (TSR 20) Futures

•SGX Sicom Ribbed Smoked Sheet 3 (RSS 3) Futures

•SGX Sicom Over-The-Counter (OTC) TSR 20 Rubber Forwards

Tritech Group

Catalist-listed Tritech Group yesterday entered into a placement agreement with an investor for $2.02 million worth of shares in the firm.

Under the agreement, Mr Wang Liang will subscribe to 28.8 million new shares in the firm at seven cents per share.

The placement shares represent about 3.17 per cent of the company's enlarged share capital, Tritech said, adding that Mr Wang was introduced through business associates of its managing director, Dr Wang Xiaoning.

Proceeds from the proposed placement will be used for working capital requirements "which may arise from the growth of its water-related business of the group", it said.

A version of this article appeared in the print edition of The Straits Times on June 06, 2017, with the headline 'Company briefs: Soilbuild Construction Group'. Print Edition | Subscribe