Company Briefs: ST Engineering

ST Engineering

ST Engineering Land Systems, which is part of the mainboard-listed ST Engineering, has won a $54 million contract to supply 111 double-deck Euro 6 diesel buses.

The Land Transport Authority (LTA) said that the buses will also include a passenger information display system, which will provide data such as upcoming stops.

The purchase of these buses - which will be introduced here progressively between 2019 and 2020 - is part of the LTA's efforts to replace its ageing fleet with cleaner and more efficient buses. Since the beginning of this year, all new diesel buses registered here must meet the Euro 6 emissions standards defined by European Union directives.

In a statement on Wednesday, the LTA said that ST Engineering Land Systems had submitted "a high-quality proposal with the best value for money". "The company has a strong track record, with its buses forming about one quarter of the entire public bus fleet currently in Singapore," the LTA added.

Frasers Property

Frasers Property said yesterday that it will be spending 799 billion dong (S$47.3 million) to acquire a majority stake in Phu An Dien Real Estate Joint Stock Company (PAD), which will undertake the development of a residential-commercial project in Vietnam.

The project will be on a mixed-use development plot in Linh Trung Ward, Thu Duc District, in Ho Chi Minh City. Frasers Property is entering into the deal via its subsidiary, Frasers Property Investments (Vietnam) 2, which has signed a conditional share purchase agreement with Tran Thai Lands to acquire the 45 million shares, or 75 per cent stake, in PAD.

GoBear

Singapore-based insurance start-up GoBear has hired former Fintonia and JobsDB.com chief executive Adrian Chng as its new CEO.

Mr Chng will assume the role on Monday. He succeeds Mr Andre Hesselink, a Dutchman who has served as GoBear's CEO since the start-up's founding in 2015. Mr Hesselink will return to the Netherlands and continue to be involved as a special adviser to GoBear and its shareholders, Aegon and Walvis.

Mr Chng was most recently chairman and CEO of Fintonia, a financial technology consultancy and investment group that he co-founded. Before that, he held the reins at Asian jobs portal JobsDB.com.

A version of this article appeared in the print edition of The Straits Times on July 13, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe