Company Briefs: Surbana Jurong

Surbana Jurong

Temasek-owned infrastructure giant Surbana Jurong has priced its inaugural bond offering, in an exercise it said yesterday was oversubscribed twice over amid "robust reception". The exercise saw the issuance of $350 million in Singapore dollar-denominated senior bonds, which are due in 2025 with a coupon rate of 4.11 per cent, under a US$1 billion (S$1.36 billion) multi-currency debt issuance programme launched this month.

The bond offering scheduled to settle on Oct 3 drew 67 investors - mostly from Singapore. DBS Bank is the sole lead manager of the offering and sole arranger of the full debt scheme.

Surbana Jurong said it will use the proceeds from the bond issuance to refinance debts and fund potential acquisitions, and for general corporate and working capital purposes.


The Straits Trading Company

The Straits Trading Company Limited has signed a memorandum of understanding (MOU) with Straits Trading unit MSC Properties Sdn Bhd to jointly explore ways to develop land in Butterworth, Penang that is owned by both parties.

MSC Properties is a subsidiary of Malaysia Smelting Corporation Berhad (MSC), which is 54.8 per cent owned by Straits Trading.

MSC currently has a tin smelting plant located on the land in Butterworth, which spans 13.9 acres. Straits Trading also owns neighbouring land in Butterworth totalling 26.2 acres. In total, the land amounts to 40.1 acres.

MSC is in the process of relocating its smelting operations from Butterworth to a new state-of-the-art plant in Pulau Indah, Klang. It expects full migration of smelting activities to the new plant to be completed by 2020.


MeGroup

Malaysia-based MeGroup lodged yesterday its preliminary offer paper to list on the Catalist board. It is involved in the making of noise, vibration and harshness components and non-NVH components primarily for the automotive industry. It also owns and operates car dealerships for the sale of cars in Malaysia.

MeGroup plans to use the proceeds from the offer of invitation shares for expansion and general working capital purposes. It did not say how much it intends to raise from the initial public offering.

For the financial year ended March 31, 2018, the firm recorded a net profit of RM8.9 million (S$2.9 million), up from RM49,729 a year ago.

A version of this article appeared in the print edition of The Straits Times on September 28, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe