Company Briefs: ST Engineering

ST Engineering

ST Engineering and China electric-vehicle maker BYD have signed a Memorandum of Understanding to develop autonomous bus platforms, as part of the former's plans to form a consortium, in response to the Call for Collaboration (CFC) by the Land Transport Authority and the Singapore Economic Development Board.

ST Engineering said yesterday that the move expands its land system arm's portfolio of autonomous bus platforms to include BYD's electric buses. Its autonomous vehicle kit will be integrated onto the BYD buses and the partners will look at marketing the joint platform internationally.

ST Engineering said it will form a consortium in response to the CFC for the pilot deployment of autonomous buses and shuttles in Punggol, Tengah and the Jurong Innovation District. It is now conducting intermediate stages of trials for autonomous shuttle and bus services on Sentosa and Jurong Island respectively.

It has previously worked together with BYD on the development of ST Engineering's Strobo range of autonomous material handling equipment such as forklifts and pallet trucks. BYD is one of China's largest privately-owned enterprises and is listed on the Hong Kong and Shenzhen stock exchanges.

BM Mobility

Mainboard-listed BM Mobility is in the process of raising funds for its green energy business in Malaysia, which involves electric scooter sharing, it said yesterday after market close.

The group has been focusing on expanding its core business of green energy in the region since obtaining shareholders' approval in a Jan 2, 2018 extraordinary general meeting.

BM Mobility said it "is in active discussion with several interested investors" to raise US$500,000 (S$676,000) in the form of redeemable notes through its wholly-owned unit BM Mobility Sdn Bhd (BMMSB) to fund the expansion of its electric scooter sharing business. The funds will be raised in stages.

Investors will have the option of converting the notes into BMMSB shares. Assuming all US$500,000 of the notes are converted, this will amount to 9.09 per cent of BMMSB's enlarged share capital.

BM Mobility first launched its e-scooter sharing programme under BMMSB in August last year, with 360 scooters having been deployed to date.

The company advised shareholders to exercise caution in trading its shares "as the fundraising activity is subject to numerous conditions and there is no certainty or assurance... that the fundraising activity will be completed".

A version of this article appeared in the print edition of The Straits Times on March 21, 2019, with the headline 'Company Briefs'. Subscribe